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June 9, 2020

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New home market slumps

Shanghai’s new housing market lost steam in the first week of June amid an absence of new supply, latest data showed.

The total area of new residential properties sold, excluding government-subsidized affordable housing, plunged 45.3 percent week over week to around 143,000 square meters during the seven-day period ending on Sunday, Shanghai Centaline Property Consultants Co said in a regular report released yesterday.

Around the city, the Nanhui region of the Pudong New Area, which ranked third in the previous week, was the only area registering sales of more than 20,000 square meters. Five other suburban districts, including Qingpu and Songjiang, managed to stay above the 10,000-square-meter mark.

The average new home price fell 2.9 percent to 57,331 yuan (US$8,075) per square meter.

“As new supply fell for the third consecutive week, it was quite an expected retreat,” said Lu Wenxi, Centaline’s senior researcher. “However, the weakness might not last very long as real estate developers are supposed to gear up for their half-year reports soon.”


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