Pre-owned home sales rise moderately

Updated 2017-12-13 09:33:20 Shanghai Daily

Sales of pre-occupied homes rose moderately in Shanghai last month but were still below the 20,000-unit level, while prices remained generally stable.

Around 11,600 pre-owned homes changed hands in November, a month-on-month gain of 7.7 percent, according to data released yesterday by Shanghai Centaline Property Consultants Co. But the gain represented a plunge of 42.4 percent year on year.

"The figure was still far below the 20,000-unit threshold that is often viewed as a normal monthly volume for the city," said Lu Wenxi, senior manager of research at Shanghai Centaline. "As sentiment among home seekers continued to be sluggish, we are beginning to see larger price discounts, like a 10 percent cut offered by some owners of properties that cost more than 10 million yuan (US.5 million) which was quite rare a few months ago."

Meanwhile, the city's existing housing index, which tracks month-over-month price changes in 130 areas, added 0.11 percent from October to 3,996 in November, Shanghai Existing House Index Office said in a separate report released yesterday.

Prices of pre-owned homes rose in 55 areas, fell in 43 areas and were flat in 32 areas.

Most notable price gains were recorded in centrally-located districts near to city center, with smaller rises in emerging areas, the report said. But it added that prices of pre-owned homes in remote areas fell on average.

"Monthly transactions of existing homes have been staying above 10,000 units since March, probably an indication that the market has hit its bottom already," the office said. "We expect ... transactions shall remain weak as there are no signs tightening policies will be eased."

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58February 21 2019 16:50:11

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16February 21 2019 16:50:11

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18February 21 2019 16:50:11

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords