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Mixed outlook on cost of homes (2)

(China Daily)

08:22, August 28, 2012

"An obvious signal of a gloomy market for luxury homes is that many projects, or first-hand home owners who want to sell, are offering discounts, something rarely seen before," said Chen.

Chen Yuanyi, an agent with City Real Estate, said they sold fewer than 10 luxury homes in the first half of 2012.

"Luxury apartments with space between 180 and 250 square meters are more popular than those of other sizes," said Chen.

A villa project in Sheshan, in suburban Shanghai, is being offered at a 45 percent discount. The average price of 15 million yuan per unit in August 2011 dropped to 9 million yuan by June 2012, according to the property information platform of the Internet portal 163.com.

Developers and home-owners often offer lower price than the quotes released on websites if buyers can pay in cash, said Zhang Xueyi, an agent in Jing'an district.

It is a tough time for high-end residential properties in Shanghai amid strengthened policy control, according to Jenny Wu.


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