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Shanghai's existing housing index climbs in February
Aggregated Source: Shanghai Daily: Business

SHANGHAI'S existing housing index rallied for the ninth straight month in February amid continuously improving sentiment among buyers.
The index, which tracks price variations of pre-occupied homes, gained 9 points, or 0.35 percent, from January to 2,616, the Shanghai Existing House Index Office said today.
It accelerated from a 0.27 percent rise in January and a 0.19 percent jump in December, according to the office.
"We've noticed pretty strong momentum across the city despite the impact of the Spring Festival holiday, when property purchases are usually sluggish," said Chen Zhen, an analyst at the office.
"Most home owners now refuse to negotiate with potential buyers while more are holding back from putting homes on the market as they expect prices to rise further."
Prices rose in 99 of the 130 areas covered in the city by an average 0.54 percent in February from January. Prices fell in 16 areas by an average 0.59 percent while the other 15 remained unchanged, the office said.

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Copyright Shanghai Daily: Business