Sales of new homes show no signs of rebounding in Shanghai

By Cherry Cao | June 16, 2014, Monday |

Online Edition

NEW home sales in Shanghai remained below the 150,000-square-meter threshold for the fourth straight week, showing no sign for a major rebound.

The purchases of new residential properties, excluding government-funded affordable housing, rose 26.4 percent week on week to 140,700 square meters during the seven-day period ended Sunday, Shanghai Uwin Real Estate Information Services Co said in a report released today.

"Robust sales registered at a mid- to low-end project in outlying Jiading District helped boost last week's volume while dragging down average cost at the same time," said Huang Zhijian, chief analyst at Uwin. "The overall volume for June may remain at a very low level if real estate developers continue to stick to their prices without offering any big discounts."

More than 210 units at the Jiading development were sold last week for an average price of 16,715 yuan (US$2,696) per square meter, Uwin data showed. As a result, the average cost of a new home fell 12.5 percent week on week to 25,916 yuan per square meter citywide.

"The average price recorded last week was down 18.7 percent from the average price registered at the same project during the second half of last year," said Lu Qilin, a researcher at Shanghai Deovolente Realty Co. "That might be the real reason behind the strong sales under an overall sluggish environment for home sales."

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Sales of new homes show no signs of rebounding in Shanghai

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