New home sales in Shanghai climbs 6%

NEW home sales in Shanghai rose 6 percent from a year earlier during the first 10 months of this year, the local statistics bureau said yesterday.

A total of 12.13 million square meters of homes were sold in the city from January to October.

Property sales, covering residential, office and retail, edged up 0.6 percent from the same period a year earlier to 14.26 million square meters.

Residential starts fell 28.6 percent from a year ago to 13.54 million square meters during the 10 months.

Investment in real estate development gained 8.5 percent on an annual basis to 189.46 billion yuan (US$30 billion), accounting for 48.3 percent of the city's total fixed-asset investment, the bureau said.

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