Beijing's house sales tumbled last year

Sales of homes in Beijing tumbled in 2011 responding to the government's policies aimed at slowing down the growth of the sector. Beijing's new house sales fell by 18.4% on yearly basis in 2011, according to Beijing News. Existing home sales dropped 38.2% last year, approaching three-year low. Real estate industry is expected to see further growth contraction as the government decided to maintain its policies unchanged in 2012.