Jane Chen/ Shanghai Daily news

One of Shanghai's home-purchase syndicates has placed its first buy order, marking the initial success of the new buying method, today's National Business Daily reported.
On Saturday, about 80 buyers signed a deal for 22 apartments at a project in the Jiangqiao area of north Shanghai's Jiading District for a total 13 million yuan (US$1.6 million), the same report said. 
The price per-square-meter is 5,200 yuan (US$642), a discount of 10 percent to the normal price.
Currently, projects along the Outer Ring Road, where this project is located, are priced between 5,000 yuan and 6,000 yuan.
Despite the lower offer, many group members are "disappointed" at the 10 percent discount, as their expecation was of 20-percent, according to a member quoted in the report. This person attended Saturday's negotiations, but in the end decided not to participate.
"If the developer had agreed to offer a 20-percent discount, more than 50 apartments would have been bought that day," he said.
Industry insiders echoed the opinion that developers are still standing firm on prices.
"Most developers are willing to only offer discounts of between 2 and 3 percent, because August housing prices are already low," commented Chen Ke, sales manager with the Da Hua Graceful Oasis housing project.
Offers of discounts of up to 30 percent, as some media have reported, are calculated based on the prices in March, when the local market was at its peak, he said. 
In August, home prices have been heading down as a result of a series of government actions to rein-in the overheated housing market, he noted.