Property Prices Have Plunged By About 50% In Shanghai

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an article on Business Insider

, Vincent Fernando stated that property prices are reportedly falling in Shanghai, as indicated by recent transaction prices. According to Oriental Morning Post, average home transaction prices for the week ended July 25 has slipped 48.43% week-on-week in Shanghai to 9,787 yuan per square meter. In yet another report, average home transaction price is said to have tumbled 94.1% over the past week to 2,493 yuan per square meter in Chongming district. In Huangpu district and in Pudong, average home transaction prices fell 70.91% and 62.85%, respectively. Meanwhile, the transaction volume of commercial residential properties in Shanghai skyrocketed by 366.93% week-on-week to 4,246 units. Even if price declines do seem distorted due to lower-end properties, prices are definitely weakening. Read more from media.