Shanghai housing turnover hikes 50% last week

By Ding Yining | November 30, 2010, Tuesday |

Online Edition

SHANGHAI'S real estate transaction volume in the last week posted a 50 percent weekly jump as new house supply more than doubled with developers rushing to launch new projects, an industry report showed today.

A total of 321,000 square meters of homes were transacted last week and the average price was 23,008 yuan (US$3,486), almost unchanged from the week before, real estate website Soufun.com said in the report.

New apartment supply more than doubled from that of the previous week to 305,000 square meters in the week ended November 28, the report said.

"Many developers are eager to launch new projects to recoup capital before the market enters a low season at the year end, which resulted in the surge in property supply," Soufun said in the report.

Total new home supply from November 1 to November 28 reached 1.03 million square meters, surpassing that of 950,000 square meters in October.

Real Estate

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Shanghai housing turnover hikes 50% last week

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