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New home sales at highest in 6 months
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BUYING momentum surged in Shanghai last week, lifting new home sales to the highest in over six months, according to latest market data.
The purchases of new homes, excluding government-subsidized affordable housing, soared 110 percent week on week to 247,300 square meters during the seven-day period ended on Sunday, the highest weekly volume registered since the end of March, Shanghai Uwin Real Estate Information Services Co said in a report released yesterday.
“Due to the latest central government policy to relax mortgages for some home buyers, both supply and sales exceeded the 200,000-square-meter threshold over the past week,” said Huang Zhijian, chief analyst at Uwin.
“It could be viewed as a major rebound and might signal the market has finally started to strengthen.”
Around 235,400 square meters of new housing were released in the city, up 48 percent from the previous week, Uwin data showed.
The average cost of the new homes fell 11 percent week on week to 26,336 yuan (US$4,299) per square meter.
A CITIC residential development in outlying Jiading District became the best-selling project last week after 183 apartments were sold at an average 16,509 yuan per square meter, according to Uwin data.
The central bank announced before the National Day holiday a cut in minimum down payment and mortgage rates for some home buyers in one of its biggest moves this year to help a sagging housing market.
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