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Shanghai sees six-year low in housing sales in Jan.-Sept. period

(Xinhua)

10:21, October 25, 2011

SHANGHAI, Oct.24 (Xinhua) -- Sales of commercial housing in Shanghai covered an area of 13.06 million square meters in the first three quarters of the year, representing the lowest sales since 2005, said a report released by the municipal statistics bureau on Monday.

Despite continuously increasing new construction area, the sales volume of built commercial housing fell to its lowest since 2005, showing a 13 percent decrease from the same period last year, according to the report.

According to analysis on the property market trend in Shanghai, investment in the real estate sector grew steadily in the first three quarters, up 7.1 percent year-on-year, said the report.

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