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Home market still hot in Shanghai

HOME buying sentiment rebounded in Shanghai last week despite continuously shrinking supply, latest market data suggest.

The area of new residential properties sold, excluding government-funded affordable housing, rose 11.1 percent to 276,500 square meters during the seven-day period ended Sunday, Shanghai Homelink Real Estate Agency Co said in a report released today.

"Outlying districts of Songjiang, Qingpu, Jiading and Fengxian all registered quite robust sales last week with each of them unloading more than 200 units," said Lu Qilin, director of research at Shanghai Homelink. "However, not a single residential project in the city managed to sell over 100 units during the seven-day period, indicating a rather scattered picture of sales."

These new homes were sold for an average 36,548 yuan (US$5,450) per square meter, a week-over-week increase of 5.4 percent due to a structural shift.

In the high-end segment which here refers to new houses with a price tag of 80,000 yuan per square meter and above, 187 such units were sold across the city last week, a rise of 77 from the previous week. In particular, a project in Yangjing in Pudong New Area became the most sought-after development after selling 74 units at an average price of over 82,000 yuan per square meter.

On the supply side, only 67,700 square meters of new houses were released to the local market, losing strength for the fourth straight week. That, however, was no surprise as July and August are supposed to be the traditional low season for property sales, industry analysts said.


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