Shanghai home sales slide 10% in first quarter

SHANGHAI saw a drop in new homes sales and broke ground on fewer houses in the first quarter of this year, the city's statistics bureau said today.

Between January and March, new residential properties totaling 2.75 million square meters were sold across the city, a year-on-year decline of 10 percent, according to a statement posted on the bureau's website.

Meanwhile, new housing developments totaling 5.09 million square meters commenced construction around the city, a drop of 25 percent from the same period a year earlier.

Investment in real estate edged up 0.7 percent year-on-year to 47.18 billion yuan (US$7.46 billion) during the first three months. It accounted for 52 percent of the city's total fixed-asset investment, according to the bureau.

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