New home sales in Shanghai rise 8%

By Cherry Cao | October 29, 2013, Tuesday |

Print Edition

SHANGHAI’S new home market extended its strength for another week as buyers and real estate developers continued to be bullish, which saw more than 357,000 square meters of houses sold last week.

The sales of new homes, excluding government-funded affordable housing, rose 8 percent from the previous week to 357,700 square meters during the seven-day period ended on Sunday, Shanghai Uwin Real Estate Information Services Co said yesterday in a report. Sales stayed above the 300,000-square-meter threshold for the third straight week.

The supply of new homes surged 63.2 percent from a week earlier to 515,100 square meters, the highest weekly volume so far this year, a mark of strong sentiment among developers.

A new home costs an average of 25,011 yuan (US$4,110) per square meter, a weekly drop of 5.7 percent.

Over the weekend, Shanghai Mayor Yang Xiong pledged during the 25th International Business Leaders’ Advisory Council for the Mayor of Shanghai that the city would maintain a tight stance over soaring home prices and continue to increase home supply and construction of affordable housing projects.

Huang Zhijian, chief analyst at Uwin, said that despite the tightening policies, the city’s housing market has become overheated with both transactions and the average price staying at high levels.

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