Sales of high-end apartments soar in Beijing

Sales of upmarket residential apartments in Beijing soared after the government launched tightening measures in March to cool the market, a report found.

Sales valued at more than 10 million yuan ($1.61 million) accounted for 39 percent of high-end sales in April, much higher than the same period for last year, according to a report by Yahao Real Estate Selling and Consulting Solution Agency.

The Beijing municipal government said it will not grant sales licenses to projects priced “much higher” than the average rate in the region.

The price limit is one of reasons for high-end projects attracting higher prices as most of them are completed apartments that are not subject to the new regulations, according to the report.