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High-end home sales plunge
By Cao Qian |
August 25, 2011, Thursday
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Print Edition
Print Edition
THE number of people buying previously occupied high-end homes in Shanghai has fallen sharply this month, indicating that tighter curbs on home buying have stopped many affluent buyers from entering the market, two of the city's major property chains said yesterday.
Shanghai Centaline Property Consultants Ltd said its 300 outlets saw a 60 percent plunge in completed transaction deals involving secondhand high-end homes so far this month compared with the same period a month earlier.
"Our outlets in prime locations such as Lujiazui in Pudong New Area, Jing'an and Luwan all registered extremely sluggish business over the past few weeks primarily due to the city's tightened home-purchase ban," said Yoyo Yu, a marketing and communications manager at Centaline. "With all the stringent measures remaining in place, we don't expect any recovery in buying momentum anytime soon."
Centaline's Lujiazui branch reported a 60 percent month-on-month plunge in sales of existing homes in the first half of August, while its Xujiahui Road branch posted a drop of 50 percent in such deals from the same period in July.
The situation is also the same at Century 21 China Real Estate, which said yesterday that its branches suffered a sharp fall in deals involving high-end existing homes.
"With limited buyers qualifying to purchase homes at the moment, some owners began to offer discounts of 5 percent or more in some areas," said Huang Hetao, a research manager at Century 21. "However, that still failed to boost business."
Shanghai announced late last month that it would enforce more strictly its home-purchase ban on buyers without local residency permits across the city. Buyers from out of town who can't produce tax or social insurance certificates to prove they have resided in the city for a cumulative 12 months over the past two years will be banned from buying homes.
Sales of previously occupied homes that cost more than 50,000 yuan (US$7,812) per square meter plunged 40 percent on an annual basis to 383 units in Shanghai during the first seven months of this year, according to Century 21 data.
Shanghai Centaline Property Consultants Ltd said its 300 outlets saw a 60 percent plunge in completed transaction deals involving secondhand high-end homes so far this month compared with the same period a month earlier.
"Our outlets in prime locations such as Lujiazui in Pudong New Area, Jing'an and Luwan all registered extremely sluggish business over the past few weeks primarily due to the city's tightened home-purchase ban," said Yoyo Yu, a marketing and communications manager at Centaline. "With all the stringent measures remaining in place, we don't expect any recovery in buying momentum anytime soon."
Centaline's Lujiazui branch reported a 60 percent month-on-month plunge in sales of existing homes in the first half of August, while its Xujiahui Road branch posted a drop of 50 percent in such deals from the same period in July.
The situation is also the same at Century 21 China Real Estate, which said yesterday that its branches suffered a sharp fall in deals involving high-end existing homes.
"With limited buyers qualifying to purchase homes at the moment, some owners began to offer discounts of 5 percent or more in some areas," said Huang Hetao, a research manager at Century 21. "However, that still failed to boost business."
Shanghai announced late last month that it would enforce more strictly its home-purchase ban on buyers without local residency permits across the city. Buyers from out of town who can't produce tax or social insurance certificates to prove they have resided in the city for a cumulative 12 months over the past two years will be banned from buying homes.
Sales of previously occupied homes that cost more than 50,000 yuan (US$7,812) per square meter plunged 40 percent on an annual basis to 383 units in Shanghai during the first seven months of this year, according to Century 21 data.
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