Beijing property sales surge on demand

BEIJING - Amid the recovery of the city's real estate market, commercial property sales in Beijing increased by over 30 percent year-on-year to 13.1 million square meters in the first 10 months of 2012, according to the latest figures unveiled on Monday.

Home sales in Beijing soared by over 45 percent year-on-year to 10.1 million square meters in the first 10 months of this year, according to statistics released by the Beijing Municipal Bureau of Statistics.

The sales surge came as a continuation of the city's property market recovery since May, when potential buyers snapped up bargains in the cooling market out of fears that housing prices would rise.

The buying was further boosted after two interest rate cuts since June reduced mortgage costs and strengthened market expectations that further loosening policies would trigger a stronger real estate market rebound.