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New home sales regain momentum

By Cherry Cao (Shanghai Daily)

09:51, January 29, 2013

NEW home sales in Shanghai regained momentum last week while the average price soared to a 30-week high amid robust buying at a high-end project in Hongkou District.

Sales of new homes, excluding government-subsidized affordable housing, jumped 19.2 percent week on week to 246,900 square meters over seven days ended on Sunday, Shanghai Deovolente Realty Co said yesterday.

"With buying momentum remaining strong over the past few weeks, new home sales this month will likely finish at around 1 million square meters," said Lu Qilin, a Deovolente researcher.

The average price climbed 8.1 percent to 25,477 yuan (US$4,044) per square meter, according to Deovolente.

A Shui On Land project near North Sichuan Road, Rui Hong Xin Cheng, sold 212 units last week at an average price of 44,441 yuan per square meter.

Lu said that new supply "continued to be sluggish as real estate developers lost the zeal to boost sales as the Spring Festival is approaching."


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