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Residential property sales up 14%

2015-03-18 08:49 Shanghai Daily Web Editor: Li Yan

Buying sentiment remained bullish for the third straight week in Shanghai, according to a latest market data.

Purchases of new residential properties, excluding the government-subsidized affordable housing, rose 14.4 percent last week from the previous seven-day period to 136,400 square meters. In its report, Shanghai Uwin Real Estate Information Services Co said real estate developers had finally stopped waiting on the sidelines.

"Despite the increase, the weekly volume was still rather low as the market is gradually picking up momentum after the Spring Festival holiday," said Huang Zhijian, chief analyst at Uwin. "We expect this trend to continue though it is highly likely that in March we will see the lowest transaction in four years."

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