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New home transactions in China’s financial hub of Shanghai reached 4,787 units in July, slumping 47% from the previous month, and the amount of the new home sales reached 34.6 billion yuan, sliding 48% from the month before, according to data from real estate agency HomeLink.
The average transaction price was 64,157 yuan per square meter last month, falling by 1% from a month earlier, showed the data.
In the first seven months of the year, Shanghai’s total new home sales reached 371.3 billion yuan, rising by 11% from a year earlier, and it sold 51,189 units of new homes, rising by 14% from a year ago, with the average transaction price falling 1% on year to 66,707 yuan per square meter, showed the data.
The slump in new home transactions was partly due to the significant decline in new home supply in July compared to the previous month, it said.
Data from Shanghai Centaline, new home supply in Shanghai reached about 638,000 square meters in July, slumping 48.4% from the previous month.