New property coming on stream, and property sales, largely rebounded last week, with nearly 554,000 square meters hitting the market, up 170 percent from a week earlier, eastday.com reported Monday.

A total of 303,000 square meters were traded last week, with 220,000 square meters being residential apartments, an increase of 25.7 percent from the previous week.

Sales of homes designated for residents relocating due to urban construction showed the fastest growth. A total of 1,178 residential units were sold, accounting for 61.8 percent of all residential space traded; 27 villas were traded, or 7.7 percent of space traded, and 704 'relocation' apartments were sold, 30.5 percent of space traded.

Residential apartments on open offer saw double-digit price increases last week, driven by luxury properties offered in Jing'an, Changning and Pudong Districts.

(Shanghai Daily August 30, 2005)