Beijing New Home Sales Dropped Drastically in February

According to Xinhua, in February, Beijing’s new home sales were particularly disappointing. As of February 23, new home sales were 1,545 units, a 61.5 percent drop compared to same period last year. The monthly sales were even below normal weekly sales. Existing home sales were equally disappointing. As of February 25, there were 4, 224 existing home sales, a 45 percent decline compared to the same period last year. The fourth week in September last year saw 4,201 home sales, three times the monthly sales of February 2014. In November and December 2013, the weekly sales were above 1,500.