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New home supply drops 16%
By Cao Qian |
January 15, 2011, Saturday
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Print Edition
Print Edition
THE supply of new homes in Shanghai will drop 16 percent this weekend from a week earlier and remain low for the third consecutive weekend as developers slow their sales as the Spring Festival nears.
About 446 units of new homes, consisting of two villa and one apartment projects, are due to be released to the local market at the weekend, according to a latest Soufun.com research.
The average price of the new properties is 18,814 yuan (US$2,859) per square meter as two developments are located in outlying areas beyond the city's Outer Ring Road.
"New home supply has started to drop significantly since the beginning of this year, hovering around 500 units over the past three weekends, a plunge of about 60 percent compared with a weekend volume in December," said Lu Yiping, a Soufun analyst.
"The local market is seeing sluggish momentum because the traditional low season is coming," Lu said.
In the first 13 days of January, 186,500 square meters of new houses, excluding those built under the city's affordable housing program, were released to the local market, compared with 492,400 square meters registered during the same period in December and 247,000 square meters recorded a year earlier, Shanghai Uwin Real Estate Information Services Co said yesterday.
"Despite uncertainties over future government policies such as a property tax, real estate developers will probably pick up their pace as early as two weeks after the Spring Festival holiday," said Song Huiyong, a research director at Shanghai Centaline Property Consultants Ltd, the city's largest real estate chain.
Southwest China's Chongqing could be one of the first Chinese cities to impose a housing property tax if an ongoing local parliamentary session approves a government work report delivered by Mayor Huang Qifan, Xinhua news agency reported earlier.
About 446 units of new homes, consisting of two villa and one apartment projects, are due to be released to the local market at the weekend, according to a latest Soufun.com research.
The average price of the new properties is 18,814 yuan (US$2,859) per square meter as two developments are located in outlying areas beyond the city's Outer Ring Road.
"New home supply has started to drop significantly since the beginning of this year, hovering around 500 units over the past three weekends, a plunge of about 60 percent compared with a weekend volume in December," said Lu Yiping, a Soufun analyst.
"The local market is seeing sluggish momentum because the traditional low season is coming," Lu said.
In the first 13 days of January, 186,500 square meters of new houses, excluding those built under the city's affordable housing program, were released to the local market, compared with 492,400 square meters registered during the same period in December and 247,000 square meters recorded a year earlier, Shanghai Uwin Real Estate Information Services Co said yesterday.
"Despite uncertainties over future government policies such as a property tax, real estate developers will probably pick up their pace as early as two weeks after the Spring Festival holiday," said Song Huiyong, a research director at Shanghai Centaline Property Consultants Ltd, the city's largest real estate chain.
Southwest China's Chongqing could be one of the first Chinese cities to impose a housing property tax if an ongoing local parliamentary session approves a government work report delivered by Mayor Huang Qifan, Xinhua news agency reported earlier.
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