New home sales in Shanghai slump 23 percent

Updated 2017-11-13 17:01:58

New home sales dropped almost a quarter over the past seven days and remained below the 100,000-square meter benchmark for the sixth straight week, data released on Monday showed.

Sales dropped 23 percent to 74,000 square meters, Shanghai Centaline Property Consultants Co said their weekly report today.

Outlying areas such as Nanhui, Jiading and Qignpu continued to outperform other districts, although they also saw declines.

Week-on-week sales in Nanhui sales dropped 23.5 percent and Qingpu slumped 37.5 percent.

"As new supply has almost frozen, the local new home market won't see a major recovery over the coming weeks," said Lu Wenxi, senior manager of research at Centaline.

"Developers would usually gear up for better annual results as the year-end approaches but we are not seeing signs of that this year."

One project, in Jiading's Anting area, released six units totaling 473 square meters into the market last week, Centaline said.

New homes sold for an average 49,016 yuan (US,358) per square meter, a week on week decrease of 1 percent.

Most of the 10 best-selling projects cost between 30,000 yuan per square meter and 50,000 yuan per square meter, with just one above 100,000 yuan per square meter.

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