Pre-owned home market in Beijing rebounds in Nov

Pre-owned home sales in Beijing saw a strong rebound in November, with the total transaction hitting 14,000 units this month, close to the peak in August, industry statistics showed on Thursday.

By Nov 26, a total of 11,286 units of pre-owned homes were sold, up 27.1 percent on the previous month. On a yearly basis, the increase was 83.2 percent. The total transactions of pre-owned homes for this month could reach 14,000 units. The transaction so far this year have exceeded that of 2011, statistics from real estate brokerage firm HomeLink showed.

The average price of pre-owned homes stood at 23,998 yuan per square meter, up 3.2 percent on the previous month and 6.3 percent on the same period last year.

A change in market expectations, is the major reason for the strong rebound, according to the market research department of HomeLink.

"Since there have been no more tightening real estate policies after the party congress, a number of buyers gave up their wait-and-see attitude and entered the market," it said.

huyuanyuan@chinadaily.com.cn