Buckle up, the Chinese bubble is popping:
The average transaction price of commercial residential properties in Beijing for the week ended May 9 fell 1,790 yuan per square meter or 9.6 percent week-on-week to 16,898 yuan per square meter, reports The Beijing News, citing statistics released by Beijing Real Estate Information Network.
Compared with the week ended April 11, the average transaction price of commercial residential properties in Beijing plunged 31.43 percent to 7,744 yuan per square meter.
In the last weeks of April, the transation volume of commercial residential properties in Beijing decreased by 10.34 percent, 11.39 percent and 30.82 percent respectively. Average transaction price was flat at between 22,000 yuan to 23,000 yuan per square meter.
The share price of Poly Real Estate (600048) was down 2.65 percent to close at 10.66 yuan today.
The share price of Beijing Capital Development (600376) was down 4.16 percent to close at 13.26 yuan today.
There are several property bubbles around the world that are ready for a massive correction, just as US home prices slip back into decline. This is just the beginning …