Wendy Zhang/ Shanghai Daily news

During the second half of this year Shanghai's housing supply is expected to exceed demand, with a surplus of four million square meters predicted, the Shanghai Morning Post reported today.
About 26 million square meters will be needed this year with a total of 30 million square meters expected on the market.
In the first half of this year, local housing sales rose while property price rises slowed. According to statistics, housing prices from January recorded a monthly average increase of 1.3 percent, down 0.7 percentage point on a year earlier. There was a six-percent shortage for properties priced below 6,000 yuan (US$723) per square meter.
With banks raising loan requirements and land authorities reducing land supplies, construction began on 12.84 million square meters in the first half of this year, down 5.3 percent on the same period last year.
During the second half of this year, Shanghai will establish an online trading platform for existing housing apartments, encourage the development of existing land and optimise preferential policies for mid and low-income families.