News

Home prices down, but sales up

Oct 12, 2018 | By Cao Qian

Prices for sales of occupied homes in Shanghai lost steam for the tenth straight month last month, despite a moderate rebound in sales volume, official data released yesterday showed. The Shanghai Existing House Index Office's index, which monitors month-on-month price changes in 130 areas of the city, dipped 0.15 percent, or four points, from August to 3,912 last month. Citywide, about 14,010 homes changed hands in September, a month-on-month increase of 3.8 percent, or 13.1 percent year on year. Those costing less than three million yuan (US$433,034) accounted for 64.6 percent of the total. Homes worth five million yuan or more made up about 12.8 percent, the office said. "The index has been going south for 10 consecutive months, indicating lackluster market momentum amid rather grim industrial prospects," the office said. "The recent price cuts at some new residential property developments have been bringing some pressure on the existing housing market." Prices of occupied homes climbed in 46 areas, fell in 57 and were flat in 27, according to the office. Pujiang in Minhang District, Nanqiao New City in Fengxian District and Jinshan New City in Jinshan District were the three most sought-after areas last month with sales of 418, 335 and 324  homes. The city had 77,002 occupied homes available for sale as of the end of September, a month-on-month drop of 2.7 percent and a year-on-year plunge of 50.8 percent, according to data compiled by the office. A separate report yesterday by global property consultancy Cushman and Wakefield said prices for new homes fell over the first three quarters as supply outstripped demand local industry watchdogs implemented caps on new residential projects when developers apply for sales permits. About 5.41 million square meters of new houses were released into the local market in the tnine months to end-September, a year-on-year jump of 52 percent. But only 4.99 million square meters of new homes were sold in the same period, an insignificant retreat of 5.6 percent from same period a year early, Cushman & Wakefield said. "Ample supply of new homes, coupled with recent government moves to further restrict housing speculation by limiting enterprises' ability to buy, has left more potential buyers sitting longer on the sideline," said Jenny Wu, senior director and head of residential business for Cushman & Wakefield’s East China operations. "For the rest of the year, we expect tightening policies to remain unchanged while housing prices will be generally stable."


New housing sales make expected slip during holidays

Oct 8, 2018 | By Cao Qian

New housing sales in Shanghai retreated during the week-long National Day holiday, but the better performing high-end segment helped push average prices up to a record again, the latest industry data showed. Across the city, about 56,000 square meters of new residential property, excluding government-subsidized affordable housing, were sold during the seven-day period ending Sunday, a week-over-week drop of 68.8 percent, Shanghai Centaline Property Consultants Co said in a report released on Monday. That, however, compared to some 22,000 square meters of transactions registered during last year's National Day holiday, Centaline data showed. The Pudong New Area, where some 25,000 square meters of new homes were sold, mainly fuelled by comparatively ample supply released in previous weeks, emerged as the only area that saw weekly sales surpass the 10,000-square-meter threshold. It was most immediately trailed by the outlying districts of Qingpu and Fengxian, though neither managed to register weekly volume exceeding 9,000 square meters, according to Centaline. "Not a single unit of new homes was launched onto the local market last week and media reports on price cuts by some developers to boost sales at their residential projects were also heard," said Lu Wenxi, senior manager of research at Centaline. "That will probably create a ripple effect and we therefore expect to see more such campaigns come out as real estate developers are facing ever mounting capital pressure." The average cost of a new home rebounded sharply to 69,731 yuan (US$10,106) per square meter, a weekly surge of 29.2 percent, according to Centaline data. Three of the top 10 most sought-after projects cost more than 100,000 yuan per square meter, with each of them recording sales of 20, 10 and 12 units, respectively. Notably, two residential developments in Pudong's Qiantan area, both with a price tag of more than 80,000 yuan per square meter, managed to grab the top two spots on last week's list after selling 9,896 square meters and 8,010 square meters, respectively, during the holiday.


Typhoon Kong-rey to bring gusty winds

Oct 5, 2018 | By Xu Lingchao

The 25th typhoon of this year, Kong-rey, will bring gusty gale up to force 8 in Shanghai’s downtown areas and force 10 in its coastal areas on Friday, according to the city’s flood prevention headquarters. Kong-rey was 170 kilometers southwest offshore from Naha of Japan at 5pm on Thursday. It was moving northwest at a speed of 25 kilometers per hour. Shi Guanghui, head of the headquarters, said coastal authorities in districts like Pudong, Fengxian, Jinshan, Chongming and Baoshan should take precautions. Construction sites should be thoroughly inspected to prevent heavy objects from falling, Shi said. At 3pm on Thursday, all boats at sea were ordered to sail back to berth.


Most beautiful flight attendants take the stage

Sep 30, 2018 | By Yang Jian

A competition to select China's most beautiful flight attendants was held in Shanghai on Saturday, an event hosted by a new fashion center of the Oriental Beauty Valley to promote its "beauty" brand. The "New Silk Road Oriental Beauty Valley Fashion Center" was launched on Saturday night ahead of the competition at the Mercedes-Benz Arena in the Pudong New Area. It will host various fashion events as well as train professionals for the civil aviation and health and beauty industries, according to the center. The he 68th Miss World China Aviation Competition selected the most beautiful flight attendants from various Chinese airlines as part of the annual Miss World competition. Three flight attendants from Hong Kong, east Shandong and southwest Yunnan provinces won the final on Saturday. "The Miss World event will help to improve the image of the Oriental Beauty Valley as well as Fengxian District," said Xu Wei, publicity director for the district where the beauty valley is based. He said such international events are expected to drive the development of related industries such as hairdressing and beauty, cosmetics, fashion and tourism. The aim of the Oriental Beauty Valley is to develop and promote local cosmetic brands globally. The core site in Fengxian is mainly used for research, design, manufacturing and test of products. The district government aims to support 100 leading enterprises, 100 growing companies and 100 startup firms to make the beauty valley on par with France's Cosmetic Valley in Ile-de-France and Japan's Saito Life Science Park in northern Osaka. A full industry chain of cosmetic and health products valued at 100 billion yuan (US$14.6 billion) will be created by 2025 in Fengxian's beauty valley, according to the Shanghai Commission of Economy and Informatization.


Enterprises sign up to join Fengxian's beauty valley

Sep 29, 2018 | By Yang Jian

Fengxian District plans to convert its low-efficient farm and industrial land into 100 sub-parks in the Oriental Beauty Valley that aims to turn the city into Asia's largest health and beauty industry center. The sub-parks, or small-scale industrial parks across the southern district, will mainly attract companies in the cosmetics and health industries with preferential policies on land planning, plot ratio and height limit, the district government said on Friday. Twenty companies and commercial entities signed contracts to base or develop projects in Fengxian on Friday with total investment of 20.7 billion yuan (US$3 billion). They include China’s rolling-stock maker CRRC Corp, the world’s largest railway equipment supplier, Dongcheng pharmaceutical group, Noah medical robots and Japanese retail company Muji (Shanghai). The district government aims to support 100 leading enterprises, 100 growing companies and 100 startup firms to make the beauty valley on par with France's Cosmetic Valley in Ile-de-France and Japan's Saito Life Science Park in northern Osaka. Shanghai aims to create the Oriental Beauty Valley that will develop and promote local cosmetic brands globally. The core site in Fengxian is mainly used for research, design, manufacturing and test of products. The district set a new record in 2017, achieving over 40 billion yuan in fiscal revenue and ranking top among all local districts. Its fiscal revenue reached 39.3 billion yuan between January and August this year, a nearly 30 percent increase on year, Gu Yi, Fengxian's deputy director, said. A full industry chain of cosmetic and health products valued at 100 billion yuan will be created by 2025 in Fengxian's beauty valley, according to the Shanghai Commission of Economy and Informatization.


Search the Site




learn more

Contact Us

We answer questions on all aspects of Fengxian District in English.