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Shanghai's property sales down 13.9% in Jan-Feb

Mar. 27, 2012 (China Knowledge) - Shanghai saw its sales area of properties fall 13.9% year on year to 2.03 million square meters in the first two months of this year, according to the latest statistics released by the Shanghai Statistics Bureau.

The sales area of residential properties declined 8.4% year on year, reaching 1.78 million square meters.
During the period from January to February, the city's investment in real estate development rose 9.5% year on year to RMB 31.59 billion, accounting for 55.3% of its total fixed-asset investment.

The city started construction on 5.18 million sq m of properties in the first two months, 25.8% more than that in the same period of last year. The figure included 3.23 million sq m of residential properties, reflecting an increase of 13% year on year.

Meanwhile, 2.45million sq m of properties was completed during the period, surging 4.7% year on year.

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