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People's Daily Online>>China Business

Fall of 70% in homes for sale

By Cherry Cao (Shanghai Daily)

10:15, March 23, 2012

MORE than 400 units at six residential projects in Shanghai will be released during the weekend, a plunge of nearly 70 percent from the same period a week earlier, Soufun.com said yesterday.

Located in the Pudong New Area and districts of Baoshan, Qingpu and Minhang, the units in the all-apartment projects will be sold at between 8,888 yuan (US$1,410) and 32,000 yuan per square meter each, or an average 14,000 yuan per square meter, Soufun said.

"We've noticed that developers are now more inclined to release homes more frequently while at the same time offering a small number of units at one time to trigger buying sentiment," said Tang Zhengwei, a Soufun analyst. "Meanwhile, commercial banks in China have been offering standard mortgage rates or even discounts of as much as 15 percent to first-time homebuyers and that will help boost buying momentum."

Only half of the projects coming out this weekend will launch more than 100 units for sale and two of the six projects will release units for the third time this month, Soufun said.

All the projects will offer some discounts, with one developer cutting prices by 20 percent for its development in Pudong's Lingang area.

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