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People's Daily Online>>China Business

Existing Home Sales Fall To 17-Month Low

(Shanghai Daily)

10:33, December 07, 2011

Sales of existing properties in Shanghai dropped to a 17-month low in November as individual owners were still reluctant to offer significant price cuts.

The transaction volume of previously-occupied properties, mainly houses, fell 14.6 percent from October to 6,900 units in the city, the lowest since July 2010, as weakness in sales extended for the fourth consecutive month, said a report released yesterday by Century 21 China Real Estate.

The sales fell nearly 50 percent annually, the report said.

"Compared to real estate developers, price cuts offered by individual owners still seemed unattractive," said Eric Luo, a researcher at Century 21. "The local used property market will probably remain stable in the coming months as the November volume was already at a 'bottom' level."

The downtown Jing'an District was the only one where monthly transactions rose. The sales volume in the outlying areas, including Songjiang, Jiading, Chongming, Jinshan, Qingpu and Fengxian, fell over 20 percent from October.

The average selling price for existing properties fell 6.2 percent from October to 14,900 yuan (US$2,350) per square meter, according to the data.

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