Beijing's housing price was estimated to rise by about 20 percent in 2005, said Miao Yueru, vice director of the Municipal Construction Committee.

 

Miao said the rate had decreased remarkably from the highest 29 percent in 2004 and ascribed the lowered clip to the central government's macroeconomic control policy.

 

Miao also disclosed that there are 117,000 units of marketable yet unsold houses, with a total floor space of 16 million square meters, currently in the capital city.

 

According to Miao, Beijing is expected to have a tempered real estate climate and will not witness sharp rise and falls in 2006, due to the ample unsold houses in the market.

 

(Xinhua News Agency January 10, 2006)