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November 18, 2009

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Home » Business » Real Estate

Home sales rise as preferential policies near end

THERE was a rise of about 40 percent in transactions involving existing homes in Shanghai in the first half of November as more sellers and buyers rushed to sign deals.

The rise, mainly caused by fear that preferential policies introduced a year earlier by the local government to boost the property market might end soon, was seen in almost all parts of the city, two leading real estate brokerage chains said yesterday.

"The local market picked up its strength notably in the first two weeks of this month and home prices, meanwhile, also went up quickly, by as much as 10 to 15 percent in some particular areas," said Huang Hetao, a researcher at Century 21 China Real Estate.

"Many deals concluded recently at our branches were finished within just three days, a big cut from the previous two weeks or even longer."

Late last year, the Shanghai government introduced a series of measures, including preferential loan policies and tax cuts, to stimulate the city's housing market which had been hard hit by the world economic slowdown.

Some of those measures are due to expire at the end of December.

However, it still remains unclear whether those one-year policies will be extended or not.

Across the city, transaction volume in Pudong, Yangpu, Zhabei and Baoshan jumped the most, all above 40 percent, Century 21 statistics showed.

Shanghai Centaline Property Consultants Ltd, another major brokerage chain in the city, also reported increased volume during the past two weeks.

Around 30 to 40 percent more deals had been concluded so far this month compared with the same period a month earlier, according to Ma Ji, head of research at the Centaline brokerage.


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