China's first public auction of the capital's fast-disappearing courtyard houses was aborted within an hour after buyers refused to meet reserve prices amid fears that the buildings could be demolished.

Saturday's auction attracted plenty of participants, but no one was willing to pay the asking price of between 1.8 million yuan ($225,000) and 40 million yuan, Xinhua news agency said, quoting an auction house spokesman.

Courtyard houses, known as "siheyuan" in Chinese, used to be one of Beijing's most distinctive features, with whole families living in rooms off one central, four-sided courtyard.

Entire blocks of the city's old alleyway communities on which courtyard houses traditionally sit have been demolished and replaced with office towers and apartment blocks, sparking protests from residents told to relocate.

The few courtyard homes that remain have become popular with tourists and wealthy expats seeking a slice of old China.

Apart from the threat of demolition, the potential buyers were worried about high asking prices, costly renovations requiring the use of traditional building techniques and a very complex system of property rights.

To date, the municipal government had listed just 600 of Beijing's 3,000 courtyard houses for preservation, Xinhua said.

"The future of the homes not listed in the government's designated preservation schedule is unpredictable," Xinhua quoted Hua Xinmen, a siheyuan conservationist, as sayinst of the potential market price and demand for the properties.