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Shanghai realty sector rises

THE real estate market in Shanghai rallied in the first four months of this year as investment and sales rose.

A total of 41.94 billion yuan (US$6.14 billion) was invested in real estate development in the city between January and April, a year-on-year rise of 1.8 percent, the Shanghai Statistics Bureau said yesterday on its Website.

Although overall sentiment rose, there was a mixed performance by the different sectors. Investment in housing development fell 10.1 percent to 23.59 billion yuan and investment in office buildings jumped 10.2 percent to 5.58 billion yuan, the bureau said.

New property sales jumped 13.2 percent to 8.77 million square meters in Shanghai in the four months, the first year-on-year increase since December 2007. The bulk of the transactions was in new home sales, which jumped 21.4 percent from the same period a year earlier to 8.2 million square meters.

April, in particular, recorded the biggest jump when new home sales soared 77.8 percent to 2.77 million square meters while overall sales of new properties surged 65.5 percent to 2.91 million square meters across the city.

The central and local governments last year unveiled a series of boosting measures which include tax and fee cuts as well as favorable loan policies that helped trigger market demand, the bureau said. Property construction, however, slowed down during the period, the bureau pointed out.

Between January and April, a total of 7.04 million square meters of properties began construction in the city, an annual drop of 13.7 percent. In the same period, about 5.11 million square meters of properties were completed, a drop of 10.6 percent from the same period a year ago.


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