Wendy Zhang/ Shanghai Daily news

Most local residents consider property prices of between 5,000-7,000 yuan (US$616-US$863) per square meter to be reasonable, considerably less than current prices, according to a survey last week, eastday.com reported today.
Those selecting 5,000-7,000 yuan ammounted to 51.6 percent of total respondents; 7,000-10,000 yuan to 30.3 percent; and more than 10,000 yuan to 10.5 percent, the survey indicated.
Only a few properties in Shanghai are priced between 5,000 yuan and 7,000 yuan per square meter, so most residents' perception of value is lower than prevailing market prices, said a survey analyst.
Nearly 90 percent of respondents consider existing housing prices to be too high.
The new property loan policies offered by local banks are also failing to spur market demand. Only 9.5 percent of residents said they would purchase a home within one year; 22.5 percent planned to buy within two years; 21.9 percent will purchase within three years and 32 percent intend to buy thereafter.