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City sees higher property supply
6/9/2006 17:28

Wendy Zhang/ Shanghai Daily news

Real estate developers in Shanghai have started to prepare for the peak season expected in September and October by driving up the supply of properties, with a total of 1.09-million-square-meters of new properties hitting the market in the last two weeks of August, Youth Post reported today.
From August 18 to the end of the month, 9,654 apartments, or 1.09-million-square-meters, went up for sale in the city, with a weekly supply of more than 500,000-square-meters. However, before that, the weekly supply was only around 230,000-square-meters. 
Property transactions are also on the road to recovery, with weekly sales exceeding 250,000-square-meters for the first time.
After experiencing a slack season, more property developers are anxiously awaiting the traditional peak season of September and October. "I'm not worried about the series of government macro-adjustment policies to curb the overheated real estate market, as most people buy housing for residential purposes, not as investments," said a developer.