Sharp rise in Beijing property sales

Property transactions in Beijing's real estate market rebounded in May, a report from real estate brokerage firm Century 21st showed on Friday.

A total of 13,000 units of new homes were sold and registered online in May, up 18 percent on the previous month. Sales of pre-owned homes also jumped 12.8 percent on April, according to the report.

Meanwhile, property prices will remain solid despite a sharp drop in sales in April, following the central government's latest round of measures to cool the real estate market.

"Property transactions obviously picked up since the second half of May due to the robust demand for self-use purchase," said Zhang Lei, an analyst with Century 21st.

The report also highlighted that more investors began to leave the residential market after the 20 percent capital gain tax was introduced, with some of them turning their eyes to commercial properties.