Shanghai house market slows

SHANGHAI: Residential property in this economic hub could soon be in short supply if the growth of investment by developers continues to slow, the China Academy of Social Sciences (CASS) said in a report published on Sunday.

The 2008 China Property Market report showed that of the 70 cities surveyed, Shanghai last year recorded the lowest rate of property investment growth.

Developers invested 130.7 billion yuan ($18.7 billion) in the Shanghai property market last year, up 2.5 percent on 2006. However, the national growth figure was 31.8 percent.