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| New home sales more than doubled in Shanghai in March |
| Update：2011/4/1 12:42:22 Views：1720 |
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NEW home sales may have more than doubled in Shanghai in March compared to February amid a soaring supply as well as a recovery in sentiment among buyers.
Sales of new residential units, excluding those built under the city's affordable housing programs, might reach some 400,000 square meters last month, a surge of 132 percent from February, China Real Estate Information Corp (CRIC) predicted yesterday after tracking new home transactions across the city during the first 29 days of March.
"The fast-recovering sentiment was mainly boosted by a surge in supply and it will probably continue through next month as demand from end-users remains strong," said Sky Xue, a CRIC analyst. "However, if volume keeps growing, it will very likely cause prices to increase again, and that might bring on a new round of tightening measures from the central government."
A total of 887,900 square meters of new houses were released locally last month, compared to some 400,000 square meters launched in February, according to CRIC data.
New home sales tumbled to a five-year low in Shanghai in February as a result of the government's harsh measures to rein in speculation which have slowed buying momentum significantly.
In April, between 30 and 40 residential developments, 70 percent of which are apartment projects, are due to be released in the local market, with more than 60 percent of them located in Jiading, Pudong and Baoshan, Century 21 China Real Estate said yesterday. |
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