Lin-gang gives new home sales a boost
New home sales in Shanghai rebounded last week, boosted by a robust performance in Lin-gang, newly added to Shanghai's pilot free trade zone.
The area of new residential properties sold, excluding government-subsidized affordable housing, rose 38.6 percent to about 158,000 square meters during the seven-day period to Aug 18, Shanghai Centaline Property Consultants Co said.
"Outlying areas, particularly Nanhui area and Fengxian district, recorded strong sales last week, while most downtown districts continued to see lackluster sentiment," said Lu Wenxi, Centaline's senior research manager.
"Notably, two projects in Lin-gang made it onto the top 10 list, with one of them taking second position."
Nanhui area, where Lin-gang is located, led with seven-day sales of 30,000 sq m, compared with 13,000 sq m a week earlier.
It was most closely followed by Fengxian district, where some 27,000 sq m of new homes were sold during the same period, compared with some 24,000 sq m the previous week.
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