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December 5, 2017

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Sluggish view halts rally again

Extremely sluggish sentiment among buyers took over Shanghai's new housing market again, terminating a two-week rally that pushed seven-day sales very close to the 100,000-square-meter threshold.

The area of new homes sold, excluding government-subsidized affordable housing, fell 14.2 percent to around 85,000 square meters last week, Shanghai Centaline Property Consultants Co said in its weekly assessment yesterday.

“Weekly transactions stayed below the 100,000-square-meter threshold for the ninth consecutive week with only Qingpu and Songjiang districts registering sales of more than 10,000 square meters,” said Lu Wenxi, senior manager of research at Centaline. "Centrally located areas — for instance the former Jing’an and Huangpu districts — suffered zero sales due to long-term inadequate supply.”

Citywide, not a single unit was released locally, following some 50,000 square meters' of supply launched during the previous week, Centaline data showed.

The average cost of new homes edged up 0.3 percent week on week to 49,752 yuan (US$7,514) per square meter, hovering around the 50,000 yuan per square meter barrier for the sixth straight week.

All projects making it into the top 10 list cost above 30,000 yuan per square meter, with three recording an average price of over 50,000 yuan.

An Evergrande project in outlying Songjiang continued to be the most sought-after development after unloading 3,838 square meters, or 21 units, for an average price of 34,949 yuan per square meter. A project in downtown Xuhui District, which cost 96,166 yuan per square meter, was the most expensive according to Centaline data.


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