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Shanghai’s new homes sales remained weak for another week

SEVEN-DAY sales of new homes remained below the 100,000-square-meter threshold for the second straight week in Shanghai, further evidence for extended weakness in the traditional low season.

The area of new residential properties sold, excluding government-subsidized affordable housing, climbed 5 percent to 98,000 square meters last week, Shanghai Centaline Property Consultants Co said in a report released today.

These houses were sold for an average 47,119 yuan (US$6,807) per square meter, a week-over-week increase of 16.3 percent.

"Extremely sluggish momentum among both home buyers and developers was registered across the city with the latter launching not a single unit of new house into the local market during the whole week," said Lu Wenxi, senior manager of research at Centaline.

"As rein-in measures remained implemented and the approach of the lunar new year holiday, the monthly transaction volume in January would not exceed 400,000 square meters if such pace of sales is maintained, which should probably be the same-period lowest in about five years," Lu said.

Citywide, a high-end apartment project in downtown Xuhui District sold 41 units last week at an average price of 81,481 yuan per square meter, making itself the most popular housing development among all others and a strengthend evidence for almost frozen sentiment in the market.

By price, 7 out of the 10 best-selling projects cost no more than 40,000 yuan per square meter, according to Centaline data.


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