New homes supply in Shanghai halved in August

SHANGHAI: Supply of new homes in Shanghai is expected to be halved next month as property developers wait on the Chinese government’s next move in real estate regulations.

Citing statistics from real estate information website soufun.com, Shanghai Daily reported that 23 new residential project launches are scheduled for next month, marking a 55% annual decline. On a month-on-month basis, new developments in August is expected to decline 49% from July.

These figures excluded projects catering to residents relocating under urban redevelopment plans.

Apartment projects accounted for 16 launches, or 70% of the total, while 19 projects were located outside Shanghai’s Outer Ring Road.

Meanwhile, the Pudong New Area will see five new launches, the highest figure amongst Shanghai's districts and counties.