Date
16 December 2017

Home sales flag but prices still on the march, paper says

Interest among Shanghai homebuyers was cool in the first two months of this year but the upward push in prices is forecast to continue, Shanghai Daily reported Monday, citing industry analysts. Purchases of new homes, excluding government-subsidized housing, dropped 30 percent in January from a year earlier to 709,000 square meters, according to Century 21 China Real Estate. The total for February was just 418,700 square meters, a 24-month low and a 23 percent decrease from a year earlier, the report said. Joe Zhou, head of research for Jones Lang LaSalle Shanghai, said new tightening measures introduced late last year are likely to weaken market sentiment and result in a decline in sales volume, both in the mass and high-end markets.

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