Jane Chen / Shanghai Daily news

Prices of newly opened housing projects in Shanghai soared to a new high of over 10,000 yuan (US$1,209) per square meter in October, according to the latest report from a local real estate brokerage cited in today's Youth Daily.
In the report by Shanghai Zhongrui Real Estate Broking Co Ltd, 26, or nearly 60 percent, of the 44 property projects opened in October sold for more than 8,000 yuan per square meter.  These projects, falling in the high-priced project category according to city government standards, have pushed the average price of the total 44 to above 10,000 yuan (US$1,209) per square meter.
Of the remaining 18 projects, only one is a low-priced project, between 4,000 yuan and 6,000 yuan per square meter, while 17 are mid-range, between 6,000 yuan and 8,000 yuan per square meter.  Most of the 18 projects are in the districts of Minhang, Zhabei, Putuo and Yangpu.
The 44 new projects total 866,400 square meters, 25 percent less than the 1.18 million squares meters of the previous month, when 49 new projects were marketed.
Pudong New Area has topped the local districts, opening 11 new projects totalling 285,000 square meters. These amounted to one-third of the city's total new residential housing spaces in October.
In the downtown area, four new projects were opened last month, offering added spaces of 82,000 square meters, more than quadruple the previous month, when only one new project was opened.