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Shanghai’s property market sees signs of recovery

HOME buying sentiment rose for the first time in four weeks amid notable recovery of home sales in outlying areas, latest market data suggest.

The area of new residential properties sold, excluding government-subsidized affordable housing, jumped 33.5 percent to 159,000 square meters in Shanghai last week, Shanghai Centaline Property Consultants Co said in a report released today.

"The latest rebound was mainly fuelled by largely improved transaction in remote districts such as Jiading and Qingpu, following subdued performances over the past few weeks," said Lu Wenxi, senior manager of research at Centaline. "However, the recovery might be just a temporary one as the first-half is going to close soon and the traditional low season of July and August are approaching."

Notably, around 28,000 square meters of new houses were sold in Jiading during the seven-day period ended Sunday, a week-over-week surge of 86.7 percent and the most among its counterparts.

Citywide, new homes were sold at an average price of 50,789 yuan (US$7,408) per square meter, an increase of 7.8 percent from the previous week, Centaline data showed.

Among others, a residential project in Jiading developed by Gemdale Group registered weekly sales of 15,628 square meters, or 115 units, at an average cost of 49,784 yuan per square meter, making it the most popular development during the seven-day period.

On the supply side, some 139,000 square meters of new houses spanning five projects mainly in outlying areas were released to the local market, a week-over-week rise of 6 percent, according to Centaline.


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