Top Biz News

Shanghai home price falls 4.6% in Feb

By Winny Wang (Shanghai Daily)
Updated: 2007-03-06 15:13
Large Medium Small
Residnece prices dropped by 4.6 percent last month inShanghaifrom a month earlier, with the sales volume plunging 44 percent due to the Spring Festival holiday, said today.

Related readings:
Shanghai home price falls 4.6% in Feb Wen: China to rein in soaring housing price
Shanghai home price falls 4.6% in Feb Overseas firms increase investment in real estate sector

Shanghai home price falls 4.6% in Feb Nation to stabilize realty prices

Housing prices in the downtown Xuhui District slid the most in the city by posting a 21.3-percent slump last month, the online real-estate service provider said.

The city transacted 991,000-square-meters of residences last month, falling 44 percent from a month earlier but growing 18 percent from a year earlier.

Many developers delayed the promotion of new properties in the first two months of this year because the Spring Festival is an off-season of home sales, which affected the transaction of new homes, the report said.

Shanghai's housing prices fell 3.2 percent last year from 2005 after the government issued a string of polices to control the hiking prices, including adding more taxes and banning foreigners from buying more than one residence.