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Pre-owned housing sales hit record in Shanghai
By Cherry Cao |
April 8, 2013, Monday
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Online Edition
Online Edition
SALES of existing homes soared to a record in Shanghai last month as panic sellers and buyers rushed to conclude deals ahead of the implementation of a 20 percent capital gains tax on profits from property sales.
More than 67,500 units of previously occupied homes were sold in March, the highest monthly volume ever registered in the city, Shanghai Deovolente Realty Co said in its latest report.
The sales represented a surge of 365 percent from February.
The average cost of the homes, meanwhile, dipped 0.6 percent month-on-month to 17,013 yuan (US$2,709) per square meter.
On March 1, the State Council, China's Cabinet, announced an array of new measures aimed at reining in property speculation which included tough enforcement of the capital gains tax.
The city's inventory of existing homes for sale, as a result, fell from around 140,000 at the beginning of March to about 127,000 as of Sunday morning, according to market data.
By price, more than 35 percent of existing homes sold last month cost between 1.2 million and 3 million yuan, while nearly 20 percent of them were tagged with a price of between 600,000 yuan and 900,000 yuan, Century 21 China Real Estate, operator of the city's largest estate chain in terms of outlet numbers, said in a separate research.
More than 67,500 units of previously occupied homes were sold in March, the highest monthly volume ever registered in the city, Shanghai Deovolente Realty Co said in its latest report.
The sales represented a surge of 365 percent from February.
The average cost of the homes, meanwhile, dipped 0.6 percent month-on-month to 17,013 yuan (US$2,709) per square meter.
On March 1, the State Council, China's Cabinet, announced an array of new measures aimed at reining in property speculation which included tough enforcement of the capital gains tax.
The city's inventory of existing homes for sale, as a result, fell from around 140,000 at the beginning of March to about 127,000 as of Sunday morning, according to market data.
By price, more than 35 percent of existing homes sold last month cost between 1.2 million and 3 million yuan, while nearly 20 percent of them were tagged with a price of between 600,000 yuan and 900,000 yuan, Century 21 China Real Estate, operator of the city's largest estate chain in terms of outlet numbers, said in a separate research.
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