In 2008，the transaction of secondary housing in Beijing was in low level with the first Y-o-Y decrease in terms of transaction volume of the past 8 years. In the first half year of 2008，the consumers generally had a wait-to-see attitude for the expectation of price drop after the Olympic Games，which led to a slow increase of housing price. In the second half year of 2008，the wait-to-see attitude was exaggerated by the global financial crisis，and the housing price experienced the first drop for the past 4 years. In this account，the governments issued a series of favorable policies，such as decreasing interest rate，reduce or exemption of related tax and fee，in order to stimulate market rebound.

In 2009，the secondary market is undergoing further rebound with the sustain impacts of loose transaction environment and successive favorable policies. It is estimated that the transaction volume in the first half year of 2009 would go up due to the release of accumulated demands. However，the transaction price would continue to drop. In the second half year of 2009，the transaction volume would remain stable and the price would gradually bottom up for a stable tendency.