Housing sales fall 36% in Shanghai

Transaction of commercial housing in Shanghai fell 36.5 percent year-on-year to 713,700 sq meters in June, according to the 21st Century Business Herald, which combines data from independent consultancies.

In the first half, transaction declined 32.63 percent year-on-year to about 4 million sq meters, the report said, citing data from industry research firms.

Data from Shanghai Deovolente Realty shows that Shanghai's newly-built commercial housing came to a total of 5.26 million sq meters in the first half, up 6.7 percent year-on-year, which led to a glut of 1.1 million sq meters in terms of newly-built commercial housing as of the end of June.

As a sign of a flagging market, land sales in the Shanghai market dropped to 65.57 billion yuan, a decline of 11.9 percent year-on-year, or 55.5 percent month-on-month.

Meanwhile, the China Real Estate Index System survey showed that average prices in China's 100 biggest cities fell 0.5 percent month-on-month in June, 0.18 percentage point faster than the 0.32 percent decline in May.