Wendy Zhang/ Shanghai Daily news

Bank rate hikes will calm down the local second-hand property market, with fewer short-term speculators expected next year, said Tan Baiqiang, general manager of the Shanghai Centaline Property Agency Co Ltd, as cited in today's Youth Post.
Used property trading is predicted to exceed that of new homes next year, and will see price increases of eight to ten percent, Tan pointed out. The number of short-term speculators is expected to decline from 30 percent last year to ten percent next year, he stressed.
With sharp decline in land supplies, used home prices in downtown Huangpu, Jing'an and Luwan District, are expected to rise by nearly 8.3 percent next year, Tan predicted.
Second-hand property trading in Xuhui and Changning District is always booming, especially in Xujiahui and Gubei area where luxury homes are located. Such used apartments are proved to be a hit to overseas people, so their prices will increase by four or five percent next year, he added.