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Shanghai’s property market weakens again in November

SHANGHAI'S new housing market lost its strength for the third consecutive month in November amid prevalent wait-and-see sentiment among buyers though average price continued to break record due to a structural shift.

The area of new residential properties sold, excluding government-funded affordable housing, plunged 30.6 percent from October to 603,000 square meters in November, Shanghai Centaline Property Consultants Co said in a report released today. On a year-on-year basis, the figure marked an even notable drop of 59.7 percent.

"The October 8 tightening measures including increasing land supply and strengthening supervision of capital continued to leave impact on potential buyers' prospects," said Lu Wenxi, senior manager of research at Centaline. "Now the transaction volume fell to a 21-month low for Shanghai and the market will definitely cool further with the latest introduction of tightened credit policies."

New houses sold for an average 46,423 yuan (US$6,713) per square meter in November, an all-time monthly high for Shanghai and a gain of 5.9 percent from October, Centaline data showed.

Citywide, 271 residential units with a price tag of 100,000 yuan per square meter and above were sold last month, a month-over-month rise of 52.2 percent.

Among the city's 10 best-selling housing projects, three sold for more than 100,000 yuan per square meters. Topping November's "most popular" list was a housing development in outlying Jiading District, where 174 units were sold over the past month for an average price of 38,694 yuan per square meter.


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