PURCHASES of new homes rebounded in Shanghai last week with mid to low-end houses registering robust sales.
Sales of new residential properties, excluding government-funded affordable housing, rose 30 percent to 218,600 square meters across the city during the seven-day period that ended on Sunday, according to a report by Shanghai Uwin Real Estate Information Services Co.
The average cost was 20,700 yuan (US$3,339) a square meter, an 11 percent drop on the previous week.
"None of last week's 10 best-selling projects exceeded 20,000 yuan per square meter and the cheapest of them only asked for 8,900 yuan a square meter, indicating demand for mid to low-end products remaining strong," said Huang Zhijian, chief analyst at Uwin. "Fortunately, supply of those homes has improved over the past months, which is good to maintain their price."