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City home inventory up 50%
By Cherry Cao |
February 18, 2012, Saturday
|
Print Edition
Print Edition
NEW home inventory rose more than 50 percent in Shanghai and more than 40 percent across the country over the past year as austerity measures imposed by the central government remain effective in dampening buyer interest.
As of January 31, new home stock totaled around 9.5 million square meters in the city, an increase of 53.2 percent from the same time a year earlier, according to a latest report released by the Shanghai-based E-house China Research and Development Institute.
Nationwide, new houses available for sale in 10 major Chinese cities stood at 59.01 million square meters as of last month, an increase of 17.01 million square meters, or 40.5 percent, from 12 months earlier, the report said.
Lu Qilin, a researcher at Shanghai Deovolente Realty Co, a major real estate chain in the city, said: "Extremely sluggish sales registered across the country over the past year helped push up new home stock significantly, and the trend will probably continue with more home seekers anticipating larger price cuts from real estate developers."
A separate report released yesterday by Soufun.com showed that a total of 17 residential projects are scheduled to be released in Shanghai next month with only three of them disclosing their asking prices so far, an indication that most developers still remain hesitant about their pricing strategies amid slack momentum. That compared with 47 housing projects released in March last year.
As of January 31, new home stock totaled around 9.5 million square meters in the city, an increase of 53.2 percent from the same time a year earlier, according to a latest report released by the Shanghai-based E-house China Research and Development Institute.
Nationwide, new houses available for sale in 10 major Chinese cities stood at 59.01 million square meters as of last month, an increase of 17.01 million square meters, or 40.5 percent, from 12 months earlier, the report said.
Lu Qilin, a researcher at Shanghai Deovolente Realty Co, a major real estate chain in the city, said: "Extremely sluggish sales registered across the country over the past year helped push up new home stock significantly, and the trend will probably continue with more home seekers anticipating larger price cuts from real estate developers."
A separate report released yesterday by Soufun.com showed that a total of 17 residential projects are scheduled to be released in Shanghai next month with only three of them disclosing their asking prices so far, an indication that most developers still remain hesitant about their pricing strategies amid slack momentum. That compared with 47 housing projects released in March last year.
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