Interest wanes in Shanghai’s new homes

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August 11, 2015

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Interest wanes in Shanghai’s new homes

By Cherry Cao | August 11, 2015, Tuesday |

Print Edition

SALES of new homes in Shanghai slumped last week as prices also fell, according to an industry survey.

Sales by area dropped 32.9 percent from the previous week to 220,100 square meters, their lowest level for nearly four months, according to a report by Shanghai Lianjia, a merger of Shanghai Deovolente Realty Co and Beijing-based Homelink.

The mean selling price in the period fell 7.8 percent week on week to a near three-month low of 31,184 yuan (US$5,020) per square meter, the report said.

The data exclude sales of government-subsidized housing.

“Following robust sales between May and July, and an inadequate supply, the first week of August saw a clear cooling down in buying sentiment,” said Lu Qilin, research director at Shanghai Lianjia.

“A rebound in sales of medium to low-end properties also contributed to the drop in the average selling price,” he said.

Four of the 10 most popular projects last week had a mean selling price of 25,000 yuan per square meter or less, the company said.

The week’s most sought-after development was in Nanhui in the Pudong New Area, where 114 apartments sold at an average price of 14,758 yuan per square meter.

Meanwhile, the supply of new homes rose 61 percent from the previous week to 73,400 square meters, the report said.

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Interest wanes in Shanghai’s new homes

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