Beijing says housing prices rise nearly 20% in 2005
(Xinhua)
Updated: 2006-01-11 16:01

The average housing price in Beijing is estimated to have risen 19.89 percent in 2005, according to Miao Leru, a vice-director of the municipal construction committee.

The growth represents a decrease from the alarming 29 percent in 2004, thanks to a series of macro-economic control measures taken by the government, he said.

Miao ruled out the possibility of big ups and downs in the housing price this year as there is ample supplies and stable demand.

Beijing now has 117,000 units of unsold apartments, with a combined floor space of 16 million square meters, which would greatly ease the tension of price hikes, he said.