Shanghai house sales see declining trend

SHANGHAI: Housing prices in shanghai has shown signs of decline, with some luxury apartments in the city center seeing a cut in prices while potential buyers remain uncertain on the timings of making a purchase.

Many potential buyers in Shanghai are waiting for a price plunge following the drop in Shenzhen housing prices, which declined by nearly 30 percent in the first half. Statistics from China Real Estate Index Academy showed that the housing sales in Shanghai in the first half dropped 27.6 percent from last year to 8.85 million sq m while housing prices rose a slight 7.26 percent.

Hu Yinghua, a researcher at China Real Estate Index Academy, said that Shanghai's real estate market was entering a mild correction period while the government was striving to keep the property price stable without large fluctuations.