Under 10,000 pre-owned homes sold in February

Source: Xinhua | 2017-03-07

SHANGHAI posted sales of under 10,000 pre-owned homes for the second straight month in February, and there is no sign of a major recovery soon, according to latest market data.

Last month, around 9,600 units of pre-occupied houses were transacted, up 2.4 percent from January but a year-on-year plunge of 64.1 percent, Shanghai Centaline Property Consultants Co reported. The market weakness extended last month due to the strict imposition of rein-in policies, said Lu Wenxi, senior manager of research at Centaline. “Neither individual owners nor home seekers seemed willing to make further compromise over prices,” Lu said.