Shanghai homebuyers have greater purchasing power than their counterparts in Beijing, the National Business Daily reported Friday, citing data from real estate website Soufun.com. About 22.58 percent of Shanghai’s apartment seekers have a budget of 3 million yuan (US$489.495) to 5 million yuan, while 16.77 percent have between 5 million yuan and 8 million yuan for buying a new home, the data showed. In Beijing, meanwhile, the percentage of homebuyers within the two brackets is 5.36 percent and 12.5 percent respectively. Most of the Shanghai homebuyers’ money comes from proceeds of the sale of their old homes as well as bank loans, an analyst was quoted as saying. More than 30 percent of the homes sold in Shanghai last year cost over 3 million yuan, according to data from property information provider CRIC.
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