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Shanghai new home sales slide 28.7%

NEW home sales in Shanghai fell for the second consecutive week amid sluggish sentiment among both buyers and developers, according to a report.

The purchases of new residential properties, excluding government-subsidized affordable housing, dropped 28.7 percent week on week to 146,900 square meters, Shanghai Uwin Real Estate Information Services Co said in a report released today.

The average cost of the homes, meanwhile, surged 17.9 percent from the previous seven-day period to 27,138 yuan (US$4,377) per square meter, Uwin said.

"A wait-and-see attitude among both home seekers and real estate developers led to slack sales while comparatively flat sentiment in the mid- to low-end segment helped push up the average price," said Huang Zhijian, chief analyst at Uwin. "If new home supply remains weak over the coming weeks, then it is highly likely that April's transactions will fall short of March, which is somewhat unexpected."

New supply of residential properties in Shanghai tripled from the previous seven-day period to 172,300 square meters last week, remaining below the weekly average of 234,100 square meters registered over the past 12 months for the third straight week, Uwin data showed.


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