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Sluggish market
By Cao Qian |
January 11, 2011, Tuesday
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Print Edition
Print Edition
SHANGHAI'S new home market was sluggish last week as the Spring Festival, a traditional low season for property sales in China, nears.
Sales of new homes, excluding those built under the city's affordable housing program, plunged 25.8 percent from a week earlier to 290,000 square meters, Shanghai Uwin Real Estate Information Services Co said yesterday.
Average price, meanwhile, fell 12 percent to 23,087 yuan (US$3,482) per square meter, as fewer houses in the mid-to-high-class category were sold during the week.
On the supply side, only 126,000 square meters of new houses were released to the local market over the past week, a weekly drop of 61 percent and also the lowest volume since late July, according to Uwin research.
Sales of new homes, excluding those built under the city's affordable housing program, plunged 25.8 percent from a week earlier to 290,000 square meters, Shanghai Uwin Real Estate Information Services Co said yesterday.
Average price, meanwhile, fell 12 percent to 23,087 yuan (US$3,482) per square meter, as fewer houses in the mid-to-high-class category were sold during the week.
On the supply side, only 126,000 square meters of new houses were released to the local market over the past week, a weekly drop of 61 percent and also the lowest volume since late July, according to Uwin research.
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