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Sentiment for new homes firm

THE area of new homes sold in Shanghai dipped but stayed above 300,000 square meters last week for the third straight week on robust sentiment, latest data showed.

The area of new homes sold, excluding government-subsidized affordable housing, fell 0.7 percent to 342,100 square meters last week, Shanghai Homelink Real Estate Agency Co said in a report released yesterday.

They were sold for an average 32,022 yuan (US$5,029) per square meter, a weekly rise of 5.2 percent.

“There was a rebound in the medium to high-end segment last week with half of the 10 best-selling projects asking for more than 30,000 yuan per square meter,” said Lu Qilin, director of research at Shanghai Homelink.

“Robust sales registered over the past few weeks helped this month’s transaction volume to hit about 1.2 million square meters as of Sunday.”

An Evergrande project in Jiading District was the most sought-after development last week when it sold 117 apartments at an average price of 23,439 yuan per square meter.

But the luxury segment, which commands more than 50,000 yuan per square meter, sold 271 units last week, down 66 from the previous week.

New homes of 328,000 square meters in 10 projects were released locally last week, down 41.6 percent from a week ago.

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