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Shanghai's House Price Grows Slower in June

Shanghai has seen its commercial house prices were 1.2 percent lower in June than May, revealing the impact of macro-regulation by local authorities.

The figure was disclosed here Wednesday by a report on the first-half economic performance of Shanghai from the Shanghai Bureau of Statistics.

A total of 58.094 billion yuan (about US$7.02 billion) has been invested in the city's real estate sector from January to June, up 15.5 percent year-on-year. The growth rate is 4.9 percentage points lower from a year earlier.

Meanwhile, approximately 9.337 million square meters of residential houses have been sold, up 4.7 percent year-on-year. The growth rate was 9.5 percentage points lower from a year earlier.

Besides, second-hand residential houses with an aggregated areaof 11.644 million square meters were sold, up 10.8 percent year-on-year. The growth rate is 20.5 percentage points lower from a year earlier.

Pan Jianxin, director of the Shanghai Bureau of Statistics, said that the inflation-adjusted average price of Shanghai commercial houses over the first six months was 7,029 yuan (about US$849.94), up 12.6 percent year-on-year.

Ascribing the slower price increases to local authorities' macro-regulative policies implemented on June 1, Pan said that it would take a few more months to see the more obvious impact of the government policies.

(Xinhua News Agency July 22, 2005)

House Price Rise Slows down in Beijing
Shenzhen's Property Prices Increase 12.05%
Beijing's House Price Rises 8.13% in First 5 Months
Shanghai Property Market Cools down
Curbs on Housing Market Praised
Shanghai's Real Estate Prices Cool Off in April
Efforts to Control Housing Prices Continue
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