Shanghai new home sales drop in festive season

By Cherry Cao | March 2, 2015, Monday |

Online Edition

NEW home sales in Shanghai fell for the second month in February as a result of traditionally slack momentum during the festive season, latest market data suggest.

The purchases of new residential properties, excluding government-subsidized affordable housing, dropped 44.1 percent from a month earlier to 422,800 square meters, Shanghai Uwin Real Estate Information Services Co said in a report. Year-on-year, it remained almost unchanged.

Average cost of new houses climbed 2.1 percent from January to 29,267 yuan (US$4,720) per square meter, Uwin data showed. That, however, represented a year-on-year rise of 14.5 percent.

"The plunge was no surprise because of the Spring Festival factor, during which monthly home sales usually hit the bottom," said Huang Zhijian, chief analyst at Uwin. "Hopefully transaction volume will get a major rebound this month which is often of critial importance to the real estate market as performance in March will highly likely set the tone for the rest time of the year."

China's central bank on Saturday cut the interest rates for the second time in three months in its latest move to boost the country's economy. The one-year lending rate, for example, fell 0.25 points to 5.35 percent now which allows mortgage payers to pay 322 yuan less every month in their repayments in case of a 30-year, 2 million yuan loan.

Real Estate

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Shanghai new home sales drop in festive season

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