Housing prices dropped in three out of the last four weeks of 2007. After falling by 10.09 percent and 0.75 percent in the first two weeks, housing prices rebounded by 12.88 percent in the third week, followed by a 20.25 percent tumble in the fourth week, according to some research institutes on the housing index system.
In fact, the capital's housing market encountered a veritable cold snap in September and October of last year, with sluggish sales both for new and second-hand housing. According to a survey by the central bank, the index indicating Beijing residents' willingness to buy homes fell by 7 percentage points, the biggest drop among the country's seven big cities.
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(China.org.cn January 11, 2007)