Shanghai Daily news

Backed by strong demand, Shanghai's second-hand housing prices rose at their fastest pace in a year last month.
Shanghai's benchmark index for second-hand housing prices rose 4.1 percent to 1,611 points in February from a month earlier, reported the Shanghai Existing Property Index Office yesterday.
"The housing price has begun to rise rapidly after several months of mild increases," said the office in a report.
The average monthly growth of second-hand housing prices was 1.67 percent in the period starting from January, 2004 to January, 2005 in Shanghai. During the period, the prices posted their biggest gain of 3.82 percent in January, 2005.
Second-hand apartments in downtown areas led the growth in prices last month.
The average price of second-hand houses at Changshou Road, Putuo District, rose 7 percent to 9,006 yuan (US$1,085) per square meter last month from a month earlier.
For pre-owned apartments located around the Jing'an Temple area, their average price reached 10,820 yuan per square meter in February, up 5 percent from a month earlier.
"Expatriates' interests in luxury second-hand housing in downtown areas have stimulated the runup in the sector," said the office.
The average rent for luxury apartments rose to US$31.40 per square meter per month in 2004, up 8.8 percent compared with 2001, according to Savills Property Services (Shanghai) Co.