Housing News
- Guangdong News
Date: 31-May-2007 Sources: (Shenzhen Daily)
SALES of pre-owned apartments in Shenzhen shrunk last week as the stock market hit record highs.
Some 2,900 pre-owned apartments with a total area of 230,000 square meters were sold last week, down 10 percent compared with the average of last month, according to Shenzhen Centaline Property Consultants Ltd., one of the major property consultants in the city. Due to the surging stock market, many potential homebuyers have shifted their money to stocks, causing a temporary shrinkage in house purchases, Centaline said.
Separately, the current high prices of pre-owned apartments have gone beyond homebuyers' expectations, a Shenzhen Special Zone Daily report said yesterday. Fifty-seven percent of surveyed customers said they can accept a 5,000-9,000-yuan-per-square-meter price range for pre-owned flats, the report said, however, the average price for such apartments sold in the first quarter was 9,084 yuan per square meter, 46 percent higher than the same period last year.
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