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November 15, 2016

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Weak mood hovers for 4th straight week

HOME buyers continued to show weak sentiment for the fourth straight week in Shanghai while the supply of homes was insignificant, latest market data showed.

The area of new houses sold, excluding government-subsidized affordable housing, plunged 43.6 percent to 102,700 square meters last week, Shanghai Centaline Property Consultants Co said in a report yesterday.

“It was the second-lowest weekly transaction recorded in Shanghai so far this year, with notable drops in all areas around the country,” said Lu Wenxi, senior manager of research at Centaline.

“Not a single residential project managed to sell more than 100 units during the seven-day period, a sign of market cooling.”

The average cost of new homes gained 5.6 percent from a week earlier to 46,074 yuan (US$6,730) per square meter, according to Centaline data.

Three of the 10 best-selling projects cost above 60,000 yuan per square meter while those in six others were sold at between 30,000 yuan and 40,000 yuan per square meter.

About 30,000 square meters of new homes at one Lujiazui project were released last week, compared with zero supply in the previous week.


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