Home sales drop as tough mortgage rules bite buyers

Beijing's housing market has fallen sharply, hitting a record low last week, with industry experts warning that sales of homes are expected to go down even further.

Only 61 flats were sold each day in the first week of this month, compared with 497 over the same period last year.

Zhao Yang, a researcher at the Property Study Center of Peking University, predicts the volume will drop even further.