Shanghai new home prices soar, says daily

SHANGHAI: The average prices of new homes here rose 20% to 22,237 yuan (RM10,505) per sq m between April 5 and 11, according to China Real Estate Information Corp (CRIC), the Shanghai Daily reported. The city’s record high was 22,270 yuan per sq m set in 4Q2009. The figures exclude those for relocated residents under urban redevelopment plans.

CRIC expects more launches by developers of luxury residential products in the high-end residential market in the coming weeks. Lina Wong, managing director for East and South-West China operations at Colliers International said an anticipated "reasonably abundant" bank liquidity in 2010 and an optimistic market outlook will help underpin interest in high-end residential properties in Shanghai and support prices.

China Real Estate Information Corp (CRIC) is a property information, consulting and online services firm.