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Shanghai new home sales fall to lowest in 2 years

2014-03-04 09:02 Shanghai Daily Web Editor: qindexing
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New home sales in February in Shanghai fell to the lowest in 24 months amid a continued easing in buying sentiment, latest data showed.

The purchases of new homes, excluding government-subsidized affordable housing, totaled 418,700 square meters last month, down 41 percent from January and a drop of 23 percent from the same month a year ago, Shanghai Uwin Real Estate Information Services Co said in its latest report.

"While the Spring Festival holiday could be cited as a main reason for the month-on-month slide, the notable year-on-year drop in volume seemed quite unexpected," said Huang Zhijian, chief analyst at Uwin.

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