Most new homes in Shanghai from suburbs

KUALA LUMPUR: Nearly 70% of the new homes supply in Shanghai, China next month will come from the suburbs, a Chinese daily reported. 

The Shanghai Daily reported that most of the new homes would be supplied by developments beyond the city’s Outer Ring Road according to data released by China Real Estate Information Corp (CRIC) on March 25. 

An analyst at CRIC said buying momentum still seemed weak and that may cause developers to delay their sales plan for a month or more, said Xue Jianxiong of CRIC.

A total of 208,000 square meters of new homes, excluding those designated for relocated residents under urban redevelopment plans were launched in the city between March 15 and March 21, a weekly surge of 285%.

However, new home sales during the period only rose 55% to 168,000 square meters, less than half of the weekly average registered over the past year according to Shanghai Uwin Real Estate Information Services Co.

Notably, six apartment projects in Huangpu, Luwan, Hongkou and Changning districts, costing between 30,000 yuan and 100,000 yuan (RM14,575 and RM48,586) per square meter, are due to be launched in April, said CRIC.

Developers have been reluctant to launch projects over the past two and a half months on sluggish sentiment and weak prospect, the daily reported.

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.