CHINESE
Apartments for sale at weekend to fall by 45%

NEARLY 300 units at four apartment projects in Shanghai will be released at the weekend, a plunge of 45 percent from the previous weekend, according to research released yesterday by Soufun.com.

Although priced at 20,000 yuan (US$3,173) per square meter, the units will be generally sold at an average 15,000 yuan per square meter, a weekly dive of over 40 percent, the data showed.

"After staying above 25,000 yuan per square meter for three straight weekends, the average price will retreat to 15,000 yuan a square meter again this weekend as all of the projects are located beyond the city's Outer Ring Road and mainly target budget-conscious, first-time buyers," said Tang Zhengwei, a Soufun analyst.

"With property curbs strictly in place, they will remain the dominant force in the residential market and therefore a main focus for cash-thirsty real estate developers," Tang added.

The new units of between 71 and 140 square meters are sited in Baoshan, Songjiang and Minhang districts as well as Pudong New Area.

 

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