Unsold property on the decline
20/8/2003 14:34
The transaction ratio of unsold housing projects to new property has
grown from 0.76:1 of the first quarter to 0.82:1 in the second quarter in
Shanghai, a sign of a healthier development of local housing market, today's
Laodong Daily said.
The rise has reversed the decline trend of last year and
continued the fast growth of several years before 2002, the same report
said.
The unsold homes refer to those having not been traded more than one
year after their completion and being put on the market, while the new projects
mean units completed within one year.
In the first half-year, 1,015 square
meters of unsold property has been sold, a jumped of a quarter from the same
period of last year, industry data indicated.
Of the additional traded space,
471 square meters are recorded in the first three months, soaring 41 percent
from the corresponding period a year ago, and 544 square meters are marked
during the second quarter, a year-on-year increase of 14 percent.
Resulting
from the booming trade of unsold projects, the volume of remaining unsold homes
in Shanghai has sunk to record lows, market analysts pointed out.
By the end
of last year, the space of property unsold for more than one year was 2.79
million square meters, including 1.34 million square meters of residential
projects.
Jane Chen / Shanghai Daily news
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