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Shanghai new home sales still sluggish

SHANGHAI: New home sales in Shanghai remained sluggish for the third consecutive month in July on the government's tighter property policies, ShanghaiDaily.com reported on Aug 2, quoting Shanghai Uwin Real Estate Information Services Co as its source.

The daily added that sales of new homes, excluding those designated for relocated residents under urban redevelopment plans, climbed 2.4% from June to 430,000 sq m (4.63 million sq ft) in July this year, compared to 1.86 million sq m (20 million sq ft) in July last year.

“Average housing prices, meanwhile, edged up 0.8% to 19,313 yuan psm (RM841 psf), according to Uwin's statistics. New homes located within the city's Outer Ring Road were sold at an average price of 31,065 yuan psm (RM1,355 psm) in July,” it said.

On the supply side, a total of 510,000 sq m (5.49 million sq ft) of new homes was introduced to the local market over the past month, remaining unchanged from June.

China also launched several measures -- including increased down payments and mortgage rates on second and third homes -- since mid-April to cool down the country's overheated housing market. Despite these measures slashing down housing sales immediately across the country, particularly in first-tier cities, prices have not been significantly gone down.

On another matter, ShanghaiDaily.com also reported that The Ascott plans to expand its global portfolio to 40,000 apartments from the current 26,000 by 2015.

Ascott chief executive Lim Ming Yan was quoted as saying that it aims to extend Ascott's dominance in key cities in Asia Pacific and Europe through investments and management contracts, and that a larger global portfolio will allow the company to further upgrade its people and systems.

China, Vietnam, Singapore and India will remain its key growth markets in Asia, the news site reported.

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