Construction: Oversupply in real estate
(Shanghai Daily)
Updated: 2006-07-11 15:19
Shanghai residences will be in oversupply in the next few years as residents
will only need up to 24 million square meters a year, while 33 million square
meters of new residences may enter the market annually, China News Service
quoted a survey as saying today.
In some neighborhoods, the amount of unsold residences accounts for 40
percent now.
Property sales tumbled last month by 35.6 percent to 16,245 units from a
month earlier. This was the lowest in the first half of this year except in
February, as many potential buyers and developers took a wait-and-see type of
attitude because of the uncertainty of when and how the local government will
implement new state regulations.
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