New home sales drop for 3rd week

Updated 2017-06-20 09:25:43 Shanghai Daily

New home sales fell for the third straight week last week, while medium to low-end projects were the most popular.

The area of new residential properties sold, excluding government-funded affordable housing, dropped 5.2 percent to 119,000 square meters in the seven days through Sunday, Shanghai Centaline Property Consultants Co said in a report yesterday.

"Weekly sales registered at any single housing project failed to reach the 100-unit threshold for the second consecutive week, a sign of extremely sluggish momentum," said Lu Wenxi, senior manager of research at Shanghai Centaline. "Qingpu was the only district that managed to sell over 20,000 square meters of new houses."

Outlying districts such as Jiading and Songjiang recorded weekly sales of about 14,000 square meters and 12,000 square meters, respectively — a drop of 20-30 percent.

New houses sold for about 47,114 yuan (,911) per square meter, a week-on-week decline of 2.4 percent.

A residential project in Fengxian District sold 70 apartments last week at an average price of 30,943 yuan per square meter, making it the week's most sought-after development.

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