Home sales slump in Shanghai on cooling measures

The sales of commercial homes in 2010 fell 42.4 percent from that in 2009 in Shanghai after authorities moved to cool down the property market.
Commercial housing sales dropped to 16.9 million square meters in 2010, according to a statement released Friday by the Shanghai Municipal Bureau of Statistics.
The speculative demand in the real estate market had been effectively curbed after the central and local governments unveiled tightening measures, which include home purchase restrictions, higher down payments and lending rate hikes, the statement said.
The sales of commercial homes in 2010 fell 42.4 percent from that in 2009 in Shanghai after authorities moved to cool down the property market.
Commercial housing sales dropped to 16.9 million square meters in 2010, according to a statement released Friday by the Shanghai Municipal Bureau of Statistics.
The speculative demand in the real estate market had been effectively curbed after the central and local governments unveiled tightening measures, which include home purchase restrictions, higher down payments and lending rate hikes, the statement said.