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People's Daily Online>>China Business

New home sales see weekly 12.7% fall

By Cao Qian  (Shanghai Daily)

10:29, November 29, 2011

Shanghai's new home sales last week fell below the 100,000-square-meter level again as buyers continued their extremely weak sentiment.

The sales of new houses, excluding government-funded affordable apartments, dropped 12.7 percent from a week earlier to 97,500 square meters during the seven-day period ended on Sunday, according to a report released yesterday by Shanghai Deovolente Realty Co.

"It was the third time in four weeks that new home sales failed to reach 100,000 square meters, a sign of sluggishness in the city's housing market," said Lu Qilin, a researcher at Deovolente. "We expect to witness the lowest sales volume of new houses in November in six years."

Huang Zhijian, chief analyst at Shanghai Uwin Real Estate Information Services Co, predicted the slack buying sentiment will continue in the city in December as most developers still refuse to offer price discounts for their projects.

During the first 27 days of November, new home sales in Shanghai totaled only 382,000 square meters, Deovolente data showed. The sales totaled nearly 460,000 square meters in October and hit 950,000 square meters in November 2010.

But the average price rose 4.3 percent from a week earlier to 21,922 yuan (US$3,452) per square meter across the city, Deovolente said.

Last week, 187,700 square meters of new houses were introduced to the local market, a fall of 13.3 percent from the previous week.

According to the city's official real estate website, the inventory of new homes stayed at a high of 9.47 million square meters as of yesterday, and 6.23 million square meters of new homes were sold between January and October.

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