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Shanghai’s pre-occupied property market stays relatively stable

SHANGHAI'S pre-owned housing index continued to climb last month but it didn't necessarily suggest a price rebound, Shanghai Existing House Index Office said in a latest report.

The index, which monitors month-on-month price changes in 130 areas around the city, gained 0.42 percent in May, up 0.25 percentage points from a month earlier.

The average cost of pre-occupied homes rose in 84 areas, up from 64 areas in April. Prices fell in 24 areas and remained unchanged in the remaining 22 areas, the office said.

"The insignificant increase in the monthly index was mainly due to a structural shift with more vibrant sales of existing houses in central areas than in outlying districts," the office said. "In fact, we still can't see any clear signs for a major price recovery."

Last month, some 14,630 units of pre-occupied homes were sold around the city, a month-over-month decrease of 5.3 percent and a year-over-year drop of 23.7 percent. As of end of May, 168,438 units of pre-used houses were put on the market for sale, up 0.9 percent from April, according to the office.

By price points, pre-owned homes costing no more than 3 million yuan (US$440,264) remained the most sought-after among buyers, taking up 63.2 percent of the total sales. Those costing between 3 million yuan and 5 million yuan accounted for 23.6 percent.


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