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Mid to high-end home purchases reach 1-year high in Shanghai
By Cherry Cao |
May 31, 2012, Thursday
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Online Edition
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PURCHASES of mid to high-end residential properties rose to the highest in Shanghai in a year in May amid recovering momentum mainly triggered by price cuts.
Sales of new homes costing more than 30,000 yuan (US$4,739) per square meter totaled 155,000 square meters in the city during the first 30 days of May, an increase of 30 percent from April, Shanghai Deovolente Realty Co said in a report today.
"The monthly volume was the highest since June 2011 and more than 70 percent of the houses carry a price tag of between 30,000 yuan and 50,000 yuan a square meter," said Lu Qilin, a researcher at Deovolente. "Notable discounts offered by real estate developers, the majority of whom expect no policy loosening in the near term, proved to be very effective in boosting sales."
A China Resources residential project in New Jiangwan Town, Yangpu District, sold 57 units in May as of Wednesday at an average price of less than 37,000 yuan per square meter, down from the previous average of 43,000 yuan per square meter. Meanwhile, an Overseas Chinese Town Group project in downtown Xikang Road, Putuo District, sold 27 units during the same period after its developer trimmed the price to around 46,600 yuan per square meter from more than 50,000 yuan a square meter earlier.
In the luxury segment, which covers properties costing more than 50,000 yuan a square meter, a Greenland residential project in Longhua, Xuhui District, topped all others after selling 33 units at an average 63,200 yuan per square meter. The Arch, a Sun Hung Kai Properties development in Pudong New Area, grabbed the title for the best-selling residential project in Shanghai in May in the above 100,000-yuan-a-square-meter category after selling 11 units for an average price of 111,000 yuan per square meter, according to Deovolente data.
Sales of new homes costing more than 30,000 yuan (US$4,739) per square meter totaled 155,000 square meters in the city during the first 30 days of May, an increase of 30 percent from April, Shanghai Deovolente Realty Co said in a report today.
"The monthly volume was the highest since June 2011 and more than 70 percent of the houses carry a price tag of between 30,000 yuan and 50,000 yuan a square meter," said Lu Qilin, a researcher at Deovolente. "Notable discounts offered by real estate developers, the majority of whom expect no policy loosening in the near term, proved to be very effective in boosting sales."
A China Resources residential project in New Jiangwan Town, Yangpu District, sold 57 units in May as of Wednesday at an average price of less than 37,000 yuan per square meter, down from the previous average of 43,000 yuan per square meter. Meanwhile, an Overseas Chinese Town Group project in downtown Xikang Road, Putuo District, sold 27 units during the same period after its developer trimmed the price to around 46,600 yuan per square meter from more than 50,000 yuan a square meter earlier.
In the luxury segment, which covers properties costing more than 50,000 yuan a square meter, a Greenland residential project in Longhua, Xuhui District, topped all others after selling 33 units at an average 63,200 yuan per square meter. The Arch, a Sun Hung Kai Properties development in Pudong New Area, grabbed the title for the best-selling residential project in Shanghai in May in the above 100,000-yuan-a-square-meter category after selling 11 units for an average price of 111,000 yuan per square meter, according to Deovolente data.
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