Wendy Zhang/ Shanghai Daily news

Local government policies to cool off the city's overheated property market seem to be taking effect, with housing prices stable recently, eastday.com reported today.
According to statistics, the city's used-home trade increased by 15 percent recently with no big changes in home prices.
After the central bank raised interest rates on mortgages on March 17, a total of between 400 and 500 housing units were offered in Pudong New Area, an increase of 200 from previously.
Government policies have shaken the confidence of property speculators who are relying on mortgage loans, said an industry analyst.
However, to date no selling spree has taken place following the government policies. Most investors are likely to turn to long-term investment, and in the long run, domestic property prices still have room to increase, the analyst said.