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Sales of existing homes in Shanghai back to drop in April

MARCH'S rebound in pre-owned housing sales turned out to be a very brief one as subdued sentiment regained control of the market, latest industry data showed.

Across the city, some 15,500 units of existing homes changed hands in April, a one-fifth drop from 19,400 units sold a month earlier, Shanghai Homelink Real Estate Agency Co said in a report released today. Year-on-year, it represented a decrease of 9.4 percent.

"Individual owners seem not very keen to put their houses on the market while new residential developments in the same neighborhood tend to offer more attractive prices, both hindering the recovery of existing home sales," said Lu Wenxi, senior manager of research at Shanghai Centaline Property Consultants Co. "No major improvement should be expected this month unless more notable discounts could be provided to lure buyers."

A discount of between 3 and 5 percent still remains the mainstream offer that most home owners would make as a goodwill gesture, something rather unchanged from previous months.

All districts suffered declines in sales last month with downtown Huangpu and Yangpu registering the largest setbacks, down 27.5 percent and 25.2 percent, respectively, from March.


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