The latest data published by Shanghai’s statistical administration shows sales volumes of commercial housing in Shanghai covered an area of 13.07 million square metres from January through to September, showing a 13.1% decrease compared with the same time last year.

Average monthly sales of housing in Shanghai hit the lowest since 2005 over the first 3 months of the year. Slightly over 14 million square metres of housing has been sold in China’s largest city with investments in housing having seen a 7% rise.

The country’s tougher loan issue restrictions a decline in the sales of commercial housing and higher interest rates on loans for residents wishing to buy a second flat have led to a 15% decrease in bank-issued loans and a 17% drop in mortgages in Shanghai over the first three months of the year.

(Sourced from http://caspionet.kz)