Aug 16, 2012
(Shanghai Daily)
Sales of new residential developments dipped in Shanghai in the first seven months of this year while new home starts also fell. Between January and July, new homes sold in the city totalled 8.44 million sq m, an annual decline of 1.6%, according to the Statistics Bureau.
Local new home starts dropped 24.8% on an annual basis to 9.99 million sq m during the same period.
Investment in real estate development, meanwhile, rose 10.7% year on year to RMB 123.1 billion during the seven-month period. It accounted for 49.3% of the city's total fixed-asset investment.
