Latest News:  
Beijing   Sunny/Cloudy    13 / 1 ℃  City Forecast

English>>Business

New home sales fall while supply increases

By Cherry Cao (Shanghai Daily)

09:05, December 11, 2012

NEW home buying in Shanghai fell last week after staying above 250,000 square meters for two consecutive weeks although supply surged, data showed.

The sales of new homes, excluding government-subsidized affordable housing, shed 27.2 percent week on week to 188,300 square meters during the seven days through Sunday, Shanghai Deovolente Realty Co said yesterday.

"Buying sentiment had been strong in the city since mid November, so the latest retreat seemed rather natural," said Lu Qilin, a Deovolente researcher. "A notable rise in supply last week indicated that some developers were still ambitious to boost sales for better revenue."

Over 242,000 square meters of new homes were released locally last week, a weekly surge of 240 percent, according to Deovolente data.

The new homes were sold at an average of 21,236 yuan (US$3,376) per square meter each, down 5.3 percent from the previous week.

"Nine of the 10 best-selling projects last week cost no more than 1.7 million yuan per unit on average," said Huang Hetao, a researcher at Century 21 China Real Estate.

We recommend:

'Boeing Dreamliner riddled with errors

HK tops China City Competitiveness Ranking

China's electric rail mileage ranked world's first

10th China Int'l Automobile Exhibition concludes

Harbin-Dalian high-speed railway starts operation

New wave of communication tools

Alibaba's 2012 transaction volume hits 1 trln yuan

China's savings rate world's highest

iPhone 5 launch event held in Seoul, S. Korea

Email|Print|Comments(Editor:梁军、马茜)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. China's WZ-10 armed copters in training

  2. PLA recruits to join army units

  3. National Geographic auctions valuable photos

  4. Fantastic undersea world in Indonesia

  5. Cumquat market in S China's Guangxi

  6. Skyscraper Shanghai Tower

  7. Who is the queen of micro blogs?

  8. When Weibo meets WeChat

Most Popular

Opinions

  1. Turning point in China's economy growth at hand
  2. Long way for CNOOC after Nexen takeover approval
  3. More translations needed for Chinese literature
  4. Commentary: Western powers should drop bias
  5. Stock market needs regulation, not promotion
  6. BRICS economies are not fading
  7. Debate over gaokao policy heats up
  8. A survey on lunch in Beijing's primary schools
  9. China on course for stable growth: JP Morgan
  10. School needs be responsible for teachers' behaviors

What’s happening in China

Cumquat market in S China's Guangxi

  1. Computerized welfare lottery sales hit 100 bln yuan
  2. Foreigners asked to retrace Long March
  3. Online name-calling not equal to public opinion
  4. Award puts Chinese books on world stage
  5. Pawnshops re-emerge with friendlier look