Home projects set for big fall in Shanghai

REAL estate developers will launch 22 residential developments in Shanghai next month, a sharp drop from the 47 projects released so far this month, real estate website Soufun.com said yesterday.

Of the housing projects, which include apartments and villas, to be unveiled in December, 55 percent will be located beyond the city's Outer Ring Road, down from 47 developments unveiled so far in November, according to a latest report by Soufun. Last December, 38 residential projects were launched.

"Most developers have already fulfilled their annual sales target as buying momentum improved notably over the past six months," said Qu Peng, a Soufun analyst.

"Therefore, instead of launching more projects, many of them choose to begin master planning for next year."

From May to October, the monthly sales of new homes in Shanghai stayed above 800,000 square meters, with June's volume exceeding 1 million square meters, according to data released earlier by Shanghai Uwin Real Estate Information Services Co.

Qingpu District leads with five projects set for release in December, followed by Jiading and Yangpu, each with four developments to be unveiled, according to Soufun.

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