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Beijing's Wangjing area sees steep house price drop

By Xu Shenglan (chinadaily.com.cn)
Updated: 2008-12-18 20:07

Housing prices and rental fees in Beijing's Wangjing area, which used to be popular among South Koreans and office workers, have fallen in recent months, as most of the tenants went back to Korea when the global financial crisis became worse.

Special coverage: Housing in China Related readings:  Premier calls for healthy development of real estate  China cuts property taxes to boost ailing market  Second-home loan restrictions may soon be lifted  China's property climate index declines in Nov

The price of new housing in Wangjing reached a peak of 17,000 yuan ($2,482) per sq m.

Statistics from Homelink Real Estate, one of the city's most popular property agencies, showed that the rents of luxury apartments in Wangjing, such as Huading Apartment, Xiadu Jiayuan and Metro Atlantic, dropped by as much as 15 to 20 percent in December.

South Koreans have tightened their wallets and the won's depreciation has further contributed to the lower demand in Wangjing.

Moreover, some houses originally for rent are now for sale and many estate agents are attempting to attract potential homebuyers with low-price offers such as a recent deal advertising apartments at 9,000 yuan per sq m.

A Korean landlord recently sold a 132-sq m second-hand apartment in Wangjing New Town for 1.05 million yuan or 7,955 yuan per sq m, the manager of 5i5J.com, another major property dealer in Beijing, told the reporter of China Economic Times.

5i5J.com's latest statistics showed that second-hand house deals in the Wangjing area rose 12 percent in November, and inquiries increased simultaneously.

South Korean home buyers, accounting for only 3 to 4 percent of the deals, didn't have much impact on the second-hand house market.