Shanghai home sales decline in February

SHANGHAI - Sales of residential property in Shanghai hit the lowest point in February since 2006, according to a survey released on Tuesday by the Uwin Real Estate Research Center, a Shanghai-based information provider.

The survey shows that the area of residential buildings sold in February was just 178,000 square meters (sq m), down 83 percent compared with January and 44.65 percent compared with the same period last year. The average transaction price fell 10 percent compared with January to 20,625 yuan ($3,138) a sq m.

"Looking at the entire property market in the city, you can see the housing market in central Shanghai plunged the most. The area of residential buildings sold in February dropped by 91 percent compared with January," said Jin Yingjun, an analyst from Uwin.