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May 23, 2017

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New home sales fall for 3rd week

SLUGGISH momentum continued to linger over home buyers and real estate developers as sales of new houses in Shanghai fell for a third consecutive week.

The area of new homes sold, excluding government-funded affordable housing, fell 14 percent from the previous week to 128,800 square meters during the seven-day period ended on Sunday, Shanghai Centaline Property Consultants Co said in a report released yesterday.

These new homes were sold at an average of 52,805 yuan (US$7,672) per square meter, up 8.5 percent from the previous week, according to Centaline data.

The city’s outlying Songjiang District registered weekly sales of around 17,000 square meters, the most among all districts.

“None of the residential projects managed to record transactions exceeding 100 units last week, evidence of extreme weakness in the market,” said Lu Wenxi, senior manager of research at Shanghai Centaline.

Lu predicted such sluggish sales to go southward as “new home supply also plunged to a very low level.”

About 66,000 square meters of new houses in two projects were launched locally, a week-on-week dive of 39 percent, according to Centaline data.

A development in Dachang in northern Baoshan District sold 51 units at an average of 55,489 yuan per square meter, making it the most sought-after project during the week.

Of the 10 most popular projects, units in three of them sold for more than 50,000 yuan per square meter each while those in the cheapest development, located in Tinglin in Jinshan District, were selling for 18,244 yuan per square meter each.


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