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Lingang gives new home sales a boost
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New home sales in Shanghai rebounded last week, boosted by a robust performance in Lingang, newly added to Shanghai’s pilot free trade zone.
The area of new residential properties sold, excluding government-subsidized affordable housing, rose 38.6 percent to about 158,000 square meters during the seven-day period through Sunday, Shanghai Centaline Property Consultants Co said yesterday.
“Outlying areas, particularly Nanhui area and Fengxian District, recorded strong sales last week while most downtown districts continued to see lackluster sentiment,” said Lu Wenxi, Centaline’s senior research manager.
“Notably, two projects in Lingang made into the top 10 list with one of them taking the second position.”
Nanhui area, where Lingang is located, led with seven-day sales of 30,000 square meters, compared with 13,000 square meters a week earlier.
It was most closely followed by Fengxian, where some 27,000 square meters of new homes were sold during the same period, compared with some 24,000 square meters last week.
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