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Sales of luxury homes in Shanghai up 50%

SHANGHAI: Sales of new luxury homes, costing more than 40,000 yuan (RM198,775) per square metre (psm), rose more than 50% in Shanghai last month, extending a rally for two straight months, according to a report in the Shanghai Daily.

A total of 98,000 square metres of such new luxury houses were sold across the city, a rise of 53% from October, said the report, quoting Shanghai Uwin Real Estate Information Services Co.

The average price further climbed by 6.7% to 67,737 yuan psm, the third consecutive monthly gain since September.

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