ecns [expanded by feedex.net]
ecns
New home sales drop 36 pct weekly in Shanghai
http://www.ecns.cn/2013/01-08/44175.shtml
Jan 7th 2013, 23:59
2013-01-08 08:59
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Sales of new homes in Shanghai last week dropped by nearly 36 percent week on week because of the new year holiday, Soufun.com said yesterday.
The city registered new home sales of 225,000 square meters during the seven days through Sunday, an annual growth of 160.9 percent. But the sales tumbled 35.8 percent from the previous week.
The sales marked a sharp drop from the figures of the last two weeks in 2012, when developers and real estate agencies rushed to hit annual targets and fueled weekly sales over 300,000 square meters.
"It's a traditional cool-down period in January for the industry," said Tang Zhengwei, analyst with Soufun Shanghai.
The average price per square meter was 21,385 yuan (US$3,449), up 9.3 percent year on year but it represented a 4.5-percent drop from the previous week, Soufun said.
Minhang District led the sales last week, surging 60 percent week on week until Sunday, according to Soufun.
During the three-day new year holiday, only 28,000 square meters of new homes were sold in Shanghai, or just 12 percent of the weekly sales.
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