Wendy Zhang/ Shanghai Daily news

A lack of old western-style houses in Shanghai is expected to drive up sales prices by nine percent next year, today's Youth Post reported.
Old western-style houses have attracted a growing number of investors including overseas Chinese, people from Hong Kong and Macau and state-owned enterprises.
This year, the housing prices increased by nearly 12.6 percent to an average of 38,000 yuan (US$4,578) per square meter, with detached houses priced at more than 10 million yuan per unit.
Although the prices are high, demand has exceeded supply.
Among the purchasers, 60 percent are for investment with 40 percent from the Chinese mainland, those from Hong Kong, Macau and Taiwai accounting for nearly 30 percent and expatriates and companies accounting for nearly 30 percent; nearly 40 percent bought the houses for residential purposes by expatriates, company chiefs from out of the city and local wealthy residents.
Next year, old western-style houses will see price increases of around nine percent, with investment returns expected to reach at least 15 percent.