Home / Business / Real Estate Tools: Save | Print | E-mail | Most Read | Comment
Shanghai home prices drop 5.87% last week
Adjust font size:

Average home prices in Shanghai dropped 5.87 percent last week from a week earlier to 9,696 yuan (US$1,309) per square meter, according to E-house China R&D Institute.

 

Property prices, including residences and offices, dropped 8.44 percent in the period to 7,971 yuan per square meter, the institute said.

 

"Growing transactions of low-priced homes pulled down the average price," said Xue Jianxiong, head of research at Shanghai Youwin Real Estate Information Service Co Ltd.

 

Total transactions dropped 10.98 percent last week to 290,800 square meters, the institute said.

 

"Many buyers failed to gain a mortgage because some commercial banks have used up the year's quota, which reduces transactions," Xue said.

 

Meanwhile, fewer new properties hit the market, also helping to pull down transactions, Xue said.

 

Average housing prices in Shanghai rose 7.9 percent last month from a year earlier. Prices of new homes in the city grew 8.3 percent in October and second-hand home prices rose 8.9 percent, the National Development and Reform Commission said last week.

 

The country has issued a string of policies to cool down the real estate boom, such as tightening credit to developers, increasing supervision over land use and enforcing tax policies.

 

Last month's average housing price in the mainland's 70 major cities jumped 9.5 percent on a yearly basis, compared with September's 8.9-percent growth rate.

 

(Shanghai Daily November 22, 2007)

 

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
- Prices rise for Shanghai's secondhand apartments
- Home sales fall across Shanghai after cooling measures bite
- Developers bid silently for residential land
Most Viewed >>

Nov. 1-2 Tianjin World Shipping (China) Summit
Nov. 7-9 Guangzhou Recycling Metals International Forum
Nov. 27-28 Beijing China-EU Summit
Dec. 12-13 Beijing China-US Strategic Economic Dialogue

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?