Home · Weather · Forum · Learning Chinese · Jobs · Shopping
Search This Site
China | International | Business | Government | Environment | Olympics/Sports | Travel/Living in China | Culture/Entertainment | Books & Magazines | Health
Home / Business / Real Estate Tools: Save | Print | E-mail | Most Read | Comment
Home sales fall across Shanghai after cooling measures bite
Adjust font size:

Transaction volumes of both new and second-hand homes shrunk significantly in the city over the past month, statistics from major real estate agencies show.


"October is the fourth consecutive month that witnessed a drop in transaction volume of new houses," said Xue Jianxiong, head of research at Shanghai Youwin Real Estate Information Service Co Ltd. "A somewhat overdrawn purchasing power in the first half of this year, the recently announced new mortgage policy as well as an insufficient market supply might jointly contribute to the decrease."


A total of 1.62 million square meters of new residential properties were sold in the city between October 1 and October 30, a decrease of 22 percent from September, according to Youwin.


That was less than half that sold in the peak June period, with a total of 3.5 million square meters in new houses.


The People's Bank of China and China Banking Regulatory Commission announced on September 27 that mortgage holders who apply for a second home loan must produce a down payment of at least 40 percent and pay a 10-percent premium on their interest rate. Many potential home buyers were waiting to see details of the policy, industry insiders said.


Meanwhile, statistics from leading real estate agency Centaline showed sales of used apartments fell by about 30 percent in the city in October, a drop of 50 percent from same period a year earlier.


Earlier media reports said the local supply of new residential properties dropped below six million square meters on October 9, a historic low since the second half of 2005, citing the official Shanghai Real Estate Trading Center Website.


Only about 5.76 million square meters of new houses were available for sale then. Experts say a supply of some 10 million square meters is regarded as normal.


However, the average housing price for new homes seemed to maintain an upward trend last month, mainly because more high-end apartments and villas - usually priced at more than 30,000 yuan per square meter - were sold during the period.


According to Youwin, new houses were sold at an average 11,577 yuan (US$1,543) per square meter in October, an increase of 10.18 percent from a month ago.


(Shanghai Daily November 1, 2007)


Tools: Save | Print | E-mail | Most Read

Username   Password   Anonymous
China Archives
Related >>
- Prices rise for Shanghai's secondhand apartments
- Shanghai Acts over Greedy Property Developers
- Housing Bureau Issues Controversial Guidelines
Most Viewed >>
-China set to hit the brakes on rising yuan
-Power to resume shortly in worst-hit area by snow
-Macao's gaming market expands further
-Online operators are on top of the game
-Insurance firms set to stump up billions

May 15-17, Shanghai Women's Forum Asia
Dec. 12-13 Beijing China-US Strategic Economic Dialogue
Nov. 27-28 Beijing China-EU Summit

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?
SiteMap | About Us | RSS | Newsletter | Feedback

Copyright © All Rights Reserved E-mail: Tel: 86-10-88828000 京ICP证 040089号