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Shanghai’s property market rebounds last week

NEW home sales rebounded in Shanghai last week despite the soaring mercury while sentiment among real estate developers seemed also robust.

The area of new residential properties sold, excluding government-subsidized affordable housing, rose 15.5 percent to 319,000 square meters during the seven-day period ended Sunday, Shanghai Centaline Property Consultants Co said in a report released today.

"By district, Qingpu was the best performer where some 50,000 square meters of new homes were sold, a week-over-week surge of 51.5 percent," said Lu Wenxi, senior manager of research at Shanghai Centaline. "Jiading, another outlying district, followed closely with transaction volume hitting 43,000 square meters, or a weekly increase of 30.3 percent."

These new homes were sold for an average 36,993 yuan (US$5,528) per square meter, a rise of 1.2 percent from the previous week, Centaline data showed.

Three of the city's 10 best-selling projects cost 50,000 yuan per square meter and above, with two of them bearing a price tag of more than 80,000 yuan per square meter on average.

Citywide, a total of 197 units of new homes with a price tag of 80,000 yuan per square meter and above were sold last week, a week-over-week increase of 10, a separate report released today by Shanghai Homelink Real Estate Agency Co showed.

On the supply side, about 228,000 square meters of new residential properties were released to the local market, a week-on-week surge of 236.6 percent.

"Despite the significant surge, which terminated weakness for four consecutive weeks, new home sales still outnumbered supply," said Lu Qilin, director of research at Shanghai Homelink. "In particular, many of the new supply fell into the high-end and luxury segment, indicating that new home price will probably stay very solid at a comparatively high level in the coming few weeks."


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