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Most new homes in city's suburbs
By Cao Qian |
March 26, 2010, Friday
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Print Edition
Print Edition
NEARLY 70 percent of the new supply of homes in Shanghai in April will come from developments beyond the city's Outer Ring Road, according to latest data released by China Real Estate Information Corp (CRIC) yesterday.
But an analyst at CRIC said that buying momentum still seemed weak and that may cause developers to delay their sales plan for a month or more.
"While new home supply has started to pick up in Shanghai since the third week of this month, buying momentum still seemed weak," said Xue Jianxiong. "Therefore, it is pretty likely that some developers may choose to postpone their sales plans to May or even later."
A total of 208,000 square meters of new homes, excluding those designated for relocated residents under urban redevelopment plans, were launched in the city between March 15 and March 21, a weekly surge of 285 percent.
However, new home sales during the period only rose 55 percent to 168,000 square meters, less than half of the weekly average registered over the past year, Shanghai Uwin Real Estate Information Services Co said on Monday.
Notably, six apartment projects in Huangpu, Luwan, Hongkou and Changning districts, costing between 30,000 yuan and 100,000 yuan (US$4,392 and US$14,641) per square meter, are due to be launched in April, according to CRIC.
Developers have been reluctant to launch projects over the past two and a half months on sluggish sentiment and weak prospects.
But an analyst at CRIC said that buying momentum still seemed weak and that may cause developers to delay their sales plan for a month or more.
"While new home supply has started to pick up in Shanghai since the third week of this month, buying momentum still seemed weak," said Xue Jianxiong. "Therefore, it is pretty likely that some developers may choose to postpone their sales plans to May or even later."
A total of 208,000 square meters of new homes, excluding those designated for relocated residents under urban redevelopment plans, were launched in the city between March 15 and March 21, a weekly surge of 285 percent.
However, new home sales during the period only rose 55 percent to 168,000 square meters, less than half of the weekly average registered over the past year, Shanghai Uwin Real Estate Information Services Co said on Monday.
Notably, six apartment projects in Huangpu, Luwan, Hongkou and Changning districts, costing between 30,000 yuan and 100,000 yuan (US$4,392 and US$14,641) per square meter, are due to be launched in April, according to CRIC.
Developers have been reluctant to launch projects over the past two and a half months on sluggish sentiment and weak prospects.
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