By Liu Weifeng (China Daily)
Updated: 2007-10-12 07:35

The average price for the most expensive housing project in Beijing is 53,064 yuan ($6,974) per square meter, real estate sources have revealed.

Seven Star Morgan, developed by Beijing Morgan Investment Company, topped the housing market for July to September, according to bjfdc.com, official website for the Beijing Real Estate Trade Administration.

The site is located on the North Fourth Ring Road, boasting good views of Olympic Park and Olympic landmark stadiums - the Bird's Nest and Water Cube.

There have been unconfirmed reports that world software giant Bill Gates signed a rental contract for a Beijing-style quadrate yard house on the top floor.

"Most buyers are interested in the Olympic Games," a source from the property developer who spoke on the condition of anonymity told Beijing News.

For the first time, the Morgan project replaced Yintai Center, a high-end property in the capital's CBD, which has held the top spot since the beginning of this year.

However, Yintai is still sold for more than 50,000 yuan per square meter on average.

In the overall apartment property market, the average price for one of the top 30 residential property projects is more than 18,000 yuan per square meter.

Wang Lina, researcher at the Chinese Academy of Social Sciences, cast doubt over the government's guidance policy over super luxury properties.

"Basically, there should be no big fuss on the popping up of a few luxury property in this metropolis but the government should never lose micro-control measures on the high-end property market," Wang said.

"The government should make repeated checks before approving any luxury housing project."

In the commercial housing market, Wang emphasized the importance of developing an "olive-shaped real estate market" to largely cater to the needs of the city's mass middle class rather than satisfying groups on the two ends - the extremely rich and poor.

A noticeable trend from the property trade record showed that transaction for luxury houses has been on the decline for the past three months.

Twelve houses have been sold by a combination of the top three expensive developers.

Each is a "king-sized" house of some 600 sq m.

Beijing's house prices have been steadily rising this year, at an average of 10 percent for the first five months.