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Shanghai’s housing market rebounds

Weekly sales of new homes passed the 100,000-square-meter mark in Shanghai for the first time in more than two months, along with the end of an absence of new supply after 10 consecutive weeks, latest market data show.The total area of new residential properties sold, excluding government-funded affordable housing, jumped 48.4 percent week on week to about 125,000 square meters during the seven days to Sunday, Shanghai Centaline Property Consultants Co said in a report yesterday.Outlying areas continued to act as the dominant force for the market as it regained strength. Jiading District, which saw its transaction volume surge 127.8 percent from the previous week, emerged as the most popular area after selling some 22,000 square meters of new housing. Nanhui in Pudong and Songjiang District came close, recording sales of 14,000 square meters and 13,000 square meters, respectively, during the period.“For the first time in 11 weeks, real estate developers finally launched two new projects, a really positive sign for the local housing market,” said Lu Wenxi, Centaline’s senior researcher. “Besides, one project registered weekly sales of more than 100 units, evidence of a major recovery of sentiment among home buyers.”About 43,000 square meters of new homes, including some 41,000 square meters, or 203 units, at one single luxury development in Dongjiadu area of Huangpu District, were released on to the market last week. The average price for the Greenland Dongjiadu project stood at around 138,000 yuan (US$19,422) per square meter.The average price of a new home, meanwhile, fell 2.9 percent from the previous week to 54,836 yuan per square meter, according to Centaline data.Citywide, a project in Anting, Jiading, outperformed all after unloading 10,415 square meters, or 104 units, in the past week for an average price of 31,326 yuan per square meter.