Beijing residential land prices drop to 2009 levels

BEIJING - Prices of residential land in Beijing dropped to levels not seen since 2009 in the first half thanks to government control measures, according to a report released on Friday.

In the first half of 2012, the price of land for residential usage was 4,528 yuan ($709) per square meter, said a report released by the Beijing Municipal Bureau of Land and Resources, marking a 15-percent decrease from the second of last year.

The decline indicates that the government's measures to combat soaring prices have been effective, the report said.

Beijing's real estate market has cooled off since regulations were tightened in 2010 to bring prices down.

The government has implemented differentiated credit and tax policies, restricted purchases of second or third homes in some cities and launched massive subsidized housing projects for low-income residents.

Beijing will prioritize land supplies for government-subsidized housing and land supply for 160,000 subsidized housing units will be finished by the end of July, the report said.