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Shanghai home sales fall by half

SALES of new homes plunged more than 50 percent in Shanghai in the first half of this month as buyers wait to see the effects of government measures to curb property speculation.

Sales of new homes, excluding those for residents relocated by urban redevelopment projects, totaled 334,200 square meters between January 1 and 15, compared to 689,300 square meters registered in the first 15 days of December, according to statistics released today by Shanghai Uwin Real Estate Information Services Co.

"Buyers turned cautious about home purchases after a series of measures were introduced recently to curb speculation and cool down the overheated market," said Lu Qilin, a researcher at Uwin. ``Transaction volumes will continue to remain at low levels and won't see a notable rebound until after the Spring Festival on February 14."

Price of new homes, meanwhile, averaged 19,993 yuan (US$2,927) per square meter in the first half of January, a little higher than 21,112 yuan per square meter during the first half of December.

Transaction volume of new homes has fallen for four consecutive weeks in the city since December 21, Uwin research showed.


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