Shanghai’s new housing market endures weakness
SHANGHAI’S new housing market continued to be weak despite a mild recovery in sales of medium- to low-end homes.
The area of new homes sold, excluding government-subsidized affordable housing, rose 9.1 percent to 150,000 square meters last week, Shanghai Centaline Property Consultants Co said in a report released yesterday.
They sold at an average 43,150 yuan (US$6,359) per square meter, a weekly drop of 4.5 percent.
“The rather active transactions recorded in the medium- to low-end segments were mainly buoyed by abundant supply of such homes that were launched during the previous few weeks,” said Lu Wenxi, senior manager of research at Centaline.
The local market saw a 78-percent plunge in supply of new houses to below 70,000 square meters last week from the previous seven-day period, Centaline data showed.