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Pudong plan boosts home sales in Nanhui

THE central government's recent approval to create a supersized Pudong New Area has been boosting home buying transactions in Nanhui District over the past two weeks.

Between May 6 and May 19, a total of 101,434 square meters of new homes, or 959 units, excluding those designated for relocated residents, were sold in Nanhui, against 69,537 square meters, or 689 units, sold during the same period a month earlier, according to latest research by Shanghai Uwin Real Estate Information Services Co.

"Nanhui's merger into Pudong, announced two weeks ago by the local government, was certainly a major reason behind the 45-percent increase in transaction volume," said Lu Qilin, deputy head of research at Shanghai Uwin.

The average price, however, fell from 7,987 yuan (US$1,169) per square meter to 7,471 yuan per square meter, as home buyers seemed to favor cheaper developments, the company said.

Shanghai announced on May 6 that it has received the go-ahead from the State Council to merge Nanhui into Pudong New Area to propel the city to be a major international financial and shipping hub.

The used apartment market in the district has also seen a rise in home-buying sentiment, market watchers said.

"Home viewing appointments for houses in Zhoukang area, one of the major residential communities in Nanhui, rose by 20 percent to 30 percent in the first half of this month," said Li Wenxi, a branch manager at Shanghai Centaline Property Consultants Ltd, the city's largest real estate brokerage. "The prices of second-hand homes in that area also rose recently as real estate developers have raised their prices for new homes immediately after the government announcement."

Second-hand home prices in Zhoukang rose an average 5 percent to 10 percent in the first half of May, Centaline data showed.


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