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Shanghai鈥檚 new home sales sink over 94%
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SHANGHAI’S new home sales plunged over 94 percent during the weeklong Spring Festival holiday as sentiment among developers and home seekers cooled.
The area of new homes sold, excluding government-subsidized affordable housing, totaled 9,200 square meters during the seven-day period ended on Sunday, a week-on-week plunge of 94.4 percent, Shanghai Homelink Real Estate Agency Co said in a report released yesterday.
The mean price of the new homes was 33,378 yuan (US$5,137) per square meter, down 12.1 percent from the previous week.
“No new supply was recorded last week as developers shelved their sales plan for the Chinese New Year holiday,” said Ke Xiaojuan, a researcher at Shanghai Homelink. “However, we expect a more vibrant market in March as new home supply is set to rebound to the pre-holiday level within two weeks while housing prices will most likely begin to rebound.”
Jiading District saw 12 homes sold last week, and units in nine of the 10 most “popular” projects cost under 40,000 yuan per square meter each, according to Homelink data.
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