70% drop in new home releases seen this weekend

By Cherry Cao | April 12, 2012, Thursday |

Online Edition

AROUND 160 units at three residential projects in Shanghai are scheduled to be released over the coming weekend – a plunge of 70 percent from the same two-day period a week earlier, according to research released today by Soufun.com.

The three developments, all apartment projects located in outlying districts of Jiading, Minhang and Songjiang, will be sold for between 14,000 yuan (US$2,222) and 21,000 yuan per square meter, or an average of 18,000 yuan per square meter, operator of the country's largest real estate website said.

"Two of the three projects set to be rolled out over the weekend were among the the city's 10 best-selling developments last week," said Tang Zhengwei, a Soufun analyst. "They are expected to register pretty good sales again this time due to rather attractive prices."

By unit space, two of the three projects will release apartments with a size of around 90 square meters while the rest one will launch houses larger than 152 square meters, Soufun data showed.

Real Estate

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70% drop in new home releases seen this weekend

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