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Shanghai’s property market cools further

NEW home purchases in Shanghai fell for the second straight week as rein-in measures continued to take a toll.

The area of new residential properties sold, excluding government-subsidized affordable housing, dropped 21 percent to 126,000 square meters during the seven-day period ended Sunday, Shanghai Centaline Property Consultants Co said in a report released today.

These new houses cost an average price of 48,265 yuan (US$7,083) per square meter, a week-over-week increase of 14.1 percent.

By district, outlying Qingpu and Jiading registered most vibrant transaction last week -- around 20,000 square meters and 19,000 square meters, respectively -- outnumbering all other counterparts around the city, Centaline data showed.

"Again, weekly sales of the city's most popular housing project failed to reach 100 units, evidence for extremely sluggish market sentiment," said Lu Wenxi, senior manager of research at Centaline. "A structural shift led to the gain in average price with nine of the ten best-selling developments bearing a price of more than 30,000 yuan per square meter."

Around the city, a project in Lingang port area, whose price was set by the government and was built only for qualified buyers, unloaded 72 units last week, retaining its title for the most sought after project for the second week despite a notable plunge from 362 units sold a week earlier.

On the supply side, five projects totaling 155,000 square meters were launched last week into the local market, a week-over-week surge of 249.3 percent, according to Centaline data.

As of Sunday, new home sales totaled 214,100 square meters in June, a decrease of 9.6 percent from same period a month ago, a separate report released today by Shanghai Homelink Real Estate Agency Co said.


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