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Shanghai defies government cooling

Shanghai defies government cooling - property market - Shanghai

With a combined 2010 value of 207 billion yuan ($31.4 billion), the Shanghai real estate has defied government initiatives to cool the housing market.

The figures provided by the China Real Estate Information Corp (CRIC) revealed average unti prices of 2.60 million yuan per unit.

A total of  79,744 apartments units were traded, with newly built units located within the city’s inner ring priced at 6.52 million yuan on average, up 36.4 percent from 2009.

Apartments in the inner ring and middle ring were priced at 4.23 million yuan, up 41.4 percent year-on-year, those between the middle ring and outer ring were priced at 3.18 million yuan, up 58.6 percent year-on-year, while one between the outer ring and outskirts cost 2.16 million yuan, up 53 percent year-on-year. An apartment in the outskirts of the city was priced 1.71 million yuan, up 55 percent from the previous year’s figure.

The property sector’s stable investment environment, seemingly immune to wider macro-economic factors and the massive infrastructure investments made in the city by the central government, specifically in advance of the world expo, has resulted in the resilient housing prices according to property sector watchers.


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