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Developers lukewarm as buyers ease off

By Cherry Cao  (Shanghai Daily)

08:47, January 21, 2013

PROPERTY developers will launch 13 residential projects in Shanghai in February, same as this month, as buying sentiment wanes due to the approach of the Spring Festival, said over the weekend.

As the Spring Festival nears, developers have found it less appealing to launch projects amid waning appetite from home seekers, said Xia Junqing, a Soufun analyst.

"The Spring Festival holiday is a traditional low season for property sales in China and most developers intend to gear up in March after the holiday and when the weather becomes warmer."

The week-long Spring Festival holiday starts on February 9.

Half of the projects to be unveiled in February will be located beyond the city's Outer Ring Road, with 29 percent between the Middle and Outer Ring Roads and 21 percent within the Inner Ring Road, Soufun, said.

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