Sales of commercial property dropped by as much as 72 percent in 43 of 90 cities across China last month, according to a report released by a division of real estate agency e-House.
The report published this week by CRIC, the real estate information division of e-House finds that Beijing recorded only 6094 commercial real estate transactions during January, and in terms of area, only 744,300 square meters were sold. The number of transactions signified a 49 percent drop compared to January last year, and the area figure was a 50 percent decrease from the January 2013 figure.
In the southern Chinese city of Shenzhen, transaction volumes fell off by 72 percent, Guangzhou deals dropped by 54 percent, Shanghai by 49 percent and Shanghai by 31 percent compared with the same period last year.
Sales were also down on a month to month basis with Shenzhen January sales dropping by 51 percent compared to December, while deals were down in Guangzhou by 30 percent, and in Beijing and Shanghai by 16 percent and 28 percent respectively.