New housing sales rebound in Shanghai

Total area of properties sold on primary housing market of the largest Chinese city soared by 35.5% over June, compared to the preceding month.

After the May decline in sales of primary residential property, which has been triggered by governmental measures aimed on regulating the market, the figure started increasing again. 

Prices, which the authorities were planning to reduce, remain considerably high - over $3 thousand per a sq. m. Over the first half of the year, primary housing prices in Shanghai have amounted to an average of $3.1 thousand per a sq. m., Shanghai Daily reports, citing data provided by the Shanghai Uwin Real Estate company. 

Such situation may indicate that the Government should seek new ways to cool down the market. On the other hand, developers started selling residential properties with discounts, which sometimes reach 20%. June increase in sales volumes may be linked with this fact.