Realty market sees 1st ever zero-supply week

By Cao Qian | February 10, 2009, Tuesday |

Print Edition

THERE was no supply of new homes (excluding those designated for relocation uses) in Shanghai over the past week between February 2 and 8, the first zero-supply week in local history when statistics went online four years ago.

"The first-ever zero-supply week in terms of new residential properties in the city since 2005 indicated that real estate developers are becoming more cautious as growing uncertainties have prevented them from launching their projects as aggressively as they did before," said Xue Jianxiong, an analyst at E-House (China) Holdings Ltd. "In the current sluggish market, prices have become extremely important to developers and many of them would rather choose to hold until they feel more assured about market conditions."

In the previous month, the weekly supply of new homes hit 78,900, 67,300, 28,500 and 75,200 square meters in the city, according to online figures.

Industry observers said that supply would likely remain subdued this week and might not see a major rebound until late this month as market sentiment hasn't recovered from the week-long Spring Festival holiday.

They said earlier cut-throat price wars would loom in the local market soon.

Price cuts of as much as 30 percent from their peak levels in some residential projects are seen from early next month and sales in March and April could serve as a barometer for the year.

Real Estate

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Realty market sees 1st ever zero-supply week

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