Sluggish momentum saps home market
Print Edition
INVESTMENT in real estate development continued to grow more slowly in Shanghai in the first five months of this year while new home purchases fell at a quicker rate, reflecting sluggish momentum, the local statistics bureau said yesterday on its website.
Between January and May, investment in all types of real estate rose 4.1 percent to 105.7 billion yuan (US$17 billion), the smallest increase the city has seen since the second half of 2012, according to the bureau.
Meanwhile, about 5.4 million square meters of new homes started construction in the first five months, an annual decline of 16.2 percent.
By home sales, the first five months saw 6.18 million square meters of new houses bought around the city, an annual decrease of 12.4 percent. That compared with an annual decline of 7.4 percent in the first four months, according to data from the bureau.
By size, apartments under 144 square meters accounted for nearly 90 percent of the total new homes sold during the five-month period.
“A continuously tight credit at commercial banks coupled with an ever widening gap between developers and homeseekers on housing prices has resulted in the current wait-and-see sentiment,” said Zhao Baogen, a researcher at Shanghai Deovolente Realty Co.
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