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Pre-owned housing market cools in Shanghai
By Cherry Cao |
May 2, 2013, Thursday
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Online Edition
Online Edition
SHANGHAI'S existing housing index rose at a slower pace in April amid a significant decrease in transaction volume.
The index, which tracks price variations of pre-occupied homes, gained 40 points, or 1.5 percent, from March to 2,701, extending the rally for the 11th consecutive month, the Shanghai Existing House Index Office said today.
In March, the index climbed 1.72 percent.
"Following extremely robust sentiment in March, which was triggered by tightening measures announced earlier by the central government to rein in speculation, buying sentiment fell naturally as demand started to ease," said Chen Zhen, an analyst at the office. "A significant drop in inventory also hampered sales."
Prices rose in 120 of the 130 areas covered in the city by an average 1.71 percent in April from March. They fell in the rest 10 areas by an average 0.94 percent, the office said.
The index, which tracks price variations of pre-occupied homes, gained 40 points, or 1.5 percent, from March to 2,701, extending the rally for the 11th consecutive month, the Shanghai Existing House Index Office said today.
In March, the index climbed 1.72 percent.
"Following extremely robust sentiment in March, which was triggered by tightening measures announced earlier by the central government to rein in speculation, buying sentiment fell naturally as demand started to ease," said Chen Zhen, an analyst at the office. "A significant drop in inventory also hampered sales."
Prices rose in 120 of the 130 areas covered in the city by an average 1.71 percent in April from March. They fell in the rest 10 areas by an average 0.94 percent, the office said.
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