Real estate: Prices of residences drop
(Shanghai Daily)
Updated: 2006-08-15 14:48 The mass sales of budget houses pulled down the
average housing price of residences last week in Shanghai, Ehomeday.com, the
official data supplier for the property market, reported yesterday.
The transacted budget houses accounted for 37.4 percent of residences in the
period, causing the sales price of residences to drop by 7.1 percent from a week
earlier to 7,302 yuan (US$915) per square meter. The sales volume of residences
slightly fell by 0.4 percent to 3,617 units.
Sales of apartments, accounting for 52.6 percent of total transacted
residences, dropping by 13 percent last week to 1,866 units, and the average
price fell 4.3 percent to 8,998 yuan per square meter.
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