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Fewer Homes Sold But Average Price Rises

FEWER new homes were sold in Shanghai over the past week while the average price hit a new high.

A total of 451,700 square meters of new houses, excluding those designated for relocated residents due to urban redevelopment projects, changed hands in Shanghai between June 8 and 14, a drop of 12 percent from a week earlier, Shanghai Uwin Real Estate Information Services Co said yesterday. The average price rose 6 percent to 14,686 yuan (US$2,150) per square meter, a new high.

"We've noticed that more home buyers have been entering the market recently amid increasing prices and that could be an early sign of overheating," said Lu Qilin, a researcher at Uwin. "It's not good if the overall housing market wants to maintain sustainable growth."


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