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Developers offer discount to lure buyers in Shanghai

By Cherry Cao | November 27, 2014, Thursday | Online Edition

MORE real estate developers are offering price cuts to boost sales in Shanghai in the last month of this year amid a recent rebound in buyers' sentiment, latest industry data showed.

A total of 165 new residential projects across the city, both apartment and villa developments, will provide discounts in December to lure home seekers, a rise of 20 from this month and an increase of seven from same period a year earlier, Fang.com, previously known as Soufun.com, said in its latest report.

Among that, 10 will give a minimum 10-percent off while those in suburban areas continued to dominate with 78.8 percent of the total located beyond the city's Outer Ring Road, according to the report.

December will be the second month in 2014 when the number of housing projects offering discounts exceeds 150, just below October's 167 development. The latest cut in interest rate by the central bank, coupled with adjusted mortgage policies for some home-buyers, has jointly fuelled buying momentum and many developers, most of whom have fallen quite behind their annual sales target so far, are obviously seeking a notable pickup in sales in the final month of this year by providing certain discounts, the report said.

Citywide, Pudong New Area and Jiading District continued to lead their counterparts for the third consecutive month in terms of the number of projects providing discounts, immediately followed by Baoshan, Qingpu and Songjiang districts.

By proximity to the city center, those located within the Inner Ring Road account for 3.6 percent of the total, while those between the Inner and Outer ring roads take a 17.6-percent share.

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