Wendy Zhang/ Shanghai Daily news

eople who had bought properties for investment purposes hurried to sell them last month in fear that enhanced government efforts are likely to further rein in the real estate market, today's Laodong Daily reported.
More used homes were sold in investment-intensive Pudong, Xuhui and Changning District. Home prices in Pudong's Century Park area and Minhang's Hanghua and Qibao area declined for the first time this year.
Shanghai's benchmark index for used housing prices rose by only 0.6 percent to 1,714 points in May from the month before. Sales of used homes rose in mid and late May, as both buyers and sellers hurried to make deals before June 1, when new government policies to cool off the real estate market were to start.
On June 1, Shanghai doubled the contract tax to 3 percent on properties selling for more than 17,500 yuan (US$2,108) a square meter.