Local citizens in Beijing fear most apartments in the city will be bought by nonlocals like merchants from Shanxi and Zhejiang provinces.   Chinanews, Beijing, Dec. 13 – Local citizens in Beijing fear most apartments in the city will be bought by nonlocals like merchants from Shanxi and Zhejiang provinces.

 

According to Beijing Evening News, data from intermediary agencies show that less than half of new apartments have been bought by local citizens. While data also shows that more than 70 percent of secondhand apartments are bought by Beijing citizens.

 

Statistics from a renowned intermediary agency 5i5j show that 45 percent of buyers are occupants of old buildings and 25 percent of them are white collars that invest their first properties. Moreover, more local citizens intend to buy secondhand apartments near their workplaces, children’s schools or the homes of their aged parents. Some local investors also have great purchasing power to buy several apartments in the city.