The average price of Beijing's second-hand property trade will drop 15 percent in the next nine months, the largest fall during the past decade, China Business Times reported on Wednesday, citing data from a local property agency Homelink.
Homelink data shows the current market size for second-hand property trade has shrunk 50 percent from last December. Owners have begun to lower bidding prices since March while the average dealing prices also dropped 1.5 percent in April.
Lin Qian, vice-president of Homelink, believes in the next three months, the monthly trade volume for Beijing's second-hand housing market will drop to its lowest point in the past 27 months and the market will keep cooling till the end of this year.