Shanghai's property investment totals RMB 91.93 bln in Jan-Aug

Sep. 17, 2009 (China Knowledge) - Shanghai saw real estate investment reach RMB 91.93 billion in the first eight months of this year, reflecting a year-on-year increase of 4.2% and accounting for 29% of the city's total fixed asset investment, according to a report released by Shanghai Municipal Statistics Bureau yesterday.

In the period from January to August, the city had 89.12 million sq m of properties under construction, a decline of 2.4% from a year earlier. New properties totaled 15.1 million sq m, of which 10.33 million sq m were residential properties.

Shanghai completed 12.42 million sq m of properties in the period, a year-on-year decrease of 3.9%. Residential properties totaling 9.08 million sq m were completed, 1.9% less than in the same period of last year. About 21.95 million sq m of properties were sold in the city, 43.3% more than in the same period of last year, and the residential property area sold increased 49.1% year on year, amounting to 20.04 million sq m.

Reportedly, Shanghai saw the supply of new apartments increase 359,800 sq m in the second week of this month, reflecting a jump of 82% from a week earlier. New apartment transaction area totaled 322,700 sq m, a week-on-week decrease of 15%.

In the second week of this month, 857 new apartments in Pudong New Area were sold, a sharp increase of 73.5% compared with the first week of September. In Baoshan District, 205 units were sold.