Wendy Zhang/ Shanghai Daily news

Shanghai has registered the biggest property-price decline nationwide over the past three months, thanks to both the government macro adjustment policies and market restructuring, today's International Finance News reported.
According to the National Statistics Bureau yesterday, in October, the average property price in Shanghai declined by 1.1 percent from a month before, with secondary prices down 1.2 percent. The city has seen the largest national fall in property prices since August.
Last month, 70 Chinese cities reported average property price increase of 6.6 percent year-on-year and 0.5 percent from the previous month.
Shanghai is offering 10 million square meters of mid and low-priced properties to low-income earners and another 10 million square meters for residents relocating to make way for the city's development projects, a main factor in the property price decline, an industry analyst explained, adding that local housing prices are gradually returning to a reasonable level.
The influences that government macro-adjustment policies have had on local property prices, especially of new apartments, will last until at least the first quarter of next year, he predicted.