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High-end market boosts area of new homes sold
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THE area of new homes sold in Shanghai rose above the 400,000-square-meter threshold last week as sentiment in the high-end segment continued to be robust, according to latest market data.
The city recorded sales of 417,500 square meters of new homes, excluding government-subsidized affordable housing, during the seven-day period ended on Sunday, up 69 percent week on week and the highest in nearly one month, Shanghai Deovolente Realty Co said in a report released yesterday.
“Increased supply and developers’ sales campaigns jointly boosted last week’s transactions with luxury housing units remaining highly sought-after among home buyers,” said Lu Qilin, a Deovolente researcher.
“The central bank’s decision announced over the weekend to simultaneously cut interest rates and reserve requirement ratio for banks is likely to impact positively the country’s property market and might help extend the strength of the market through the traditional low season which usually falls in July,” Lu said.
Effective on Sunday, the one-year lending and deposit rates have been cut by 25 basis points to 4.85 percent and 2 percent respectively, the People’s Bank of China said.
The reserve requirement ratio, the amount of cash banks need to hold, has been cut by 50 basis points for commercial banks serving rural areas, agriculture and small businesses. That for finance firms, or non-bank financial institutions, was cut by 300 basis points.
The average cost of new homes fell 2.4 percent week on week to 34,667 yuan (US$5,584) per square meter, but above the 30,000 yuan per square meter level for the ninth straight week, Deovolente data showed.
Across the city, 399 new homes costing 50,000 yuan per square meter and above were sold last week, up 145 from the previous seven-day period.
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