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Shanghai’s home buyers turn active after the holiday

SENTIMENT among home buyers and real estate developers both rebounded notably in Shanghai last week as the week-long Lunar New Year holiday came to an end.

Sales of new residential properties, excluding government-subsidized affordable housing, soared to 78,000 square meters during the seven-day period ended on Sunday, a week-over-week surge of 503 percent, Shanghai Centaline Property Consultants Co said in a report released today.

By area, outlying Jiading District led all with weekly transaction volume of 21,000 square meters. It was closely followed by Pudong New Area, where some 13,000 square meters of new homes were sold over the past week.

These new homes sold for an average 48,361 yuan (US$6,999) per square meter, a fall of 5.5 percent from the previous week, Centaline data showed.

"The most popular project was able to register weekly sales of more than 100 units, indicating a rather rapid recovery in the market momentum," said Lu Wenxi, senior manager of research at Centaline. "However, it remains unknown yet whether such strength could be maintained for some time."

Citywide, a residential project developed by Gemdale Corp in Jiading managed to record seven-day sales of 125 units for an average price of 42,857 yuan per square meter. A high-end development in Pudong, which sold 66 units for an average cost of 87,070 yuan per square meter, took the No.2 spot in last week's 10 most popular list.

On the supply side, the growth was even more significant. About 61,000 square meters of new houses were released to the local market last week, compared with only 81 square meters launched in the previous week, according to Centaline data.


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