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Leasing sluggish despite a monthly rise

LEASING activity rose slightly in Shanghai last month though overall momentum continued to remain sluggish, the city's largest real estate brokerage chain said yesterday.

Volume of rented homes climbed 6.2 percent last month while average monthly rents rose 8.6 percent from a month earlier to 3,559 yuan (US$521) per unit, according to the latest research by Shanghai Centaline Property Consultants.

"Market sentiment remained rather low as most leasing contracts were secured during the first quarter," said Ma Ji, head of research at Shanghai Centaline.

"Compared with March, the volume in May dropped 21 percent."

Pudong New Area, Putuo District and Baoshan District registered the most leasing deals, 25.9 percent, 15.5 percent and 8.5 percent of total volume, respectively.

In particular, Sanlin in Pudong, Wanli in Putuo and Dapuqiao in Luwan all doubled volume from a month earlier, the brokerage said.

Fewer leasing deals involving mid to low-class homes led to the increase in average rents last month.

Volume of homes with monthly rents lower than 3,000 yuan fell 3.5 percent from a month ago, Centaline found.


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