Wendy Zhang/ Shanghai Daily news

Chinese government's macro-control policies seem to have taken effect in Shanghai's real estate market, with local property price growth slowing and supplies slightly exceeding demand, the Jiefang Daily reported today.
The city's real estate market was generally balanced in the first seven months of this year, with housing demand slightly outpacing supply.
Property supply is expected to exceed demand in the second half of this year, so home purchasers will have more options, an expert predicted.
Nearly 26 million square meters of properties will be needed this year. With 14 million square meters of housing pre-sold in the first half of this year, about 12 million square meters are predicted to be in demand in the second half, the expert pointed out.
About 30 million square meters of properties are expected to hit the market this year. With 12 million square meters of housing approved for presale in the first half, about 15 million square meters of properties will be offered for sale in the latter half of this year, slightly exceeding the demand, he explained.
Excessive property price growth and lack of mid and low-end homes have made it hard for people to buy housing in the first half of this year. A total of 2.26 million square meters of properties priced at no more than 3,500 yuan (US$421) per square meter have hit the market in the first half of this year, with nearly three million square meters more expected in the second half. Nearly 10 million square meters of housing priced below 6,000 yuan per square meter are predicted to hit the market in the second half of this year.
Government's macro-control policies will stabilize local housing prices and slow their growth, but general property prices will not drop, the expert said.