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326
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3.
The demand for most types of property
was sustained up to May. However, the property market was severely hit immediately after the crackdown in Beijing, and came to a virtual standstill in June. Property prices were reported to have fallen by an average of 15-20% by the end of the month. Meanwhile, leasing of property appeared to have become relatively more popular. Thus the downward pressures on property rentals were smaller than on property prices. Since the latter part of July, the property market has been showing signs of
revival.
4.
In terms of the usable floor area of projects, building consents decreased by 7% in the first half of 1989 over the same period in 1988. Industrial property recorded the largest decline in consents, followed by residential and commercial property.
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