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Homes to be released; cost drops 30 percent

    The new home supply in Shanghai on the weekend will rise to the highest in more than two months, with houses carrying a wide range of prices being released to meet demand from different buyers.

    More than 1,100 units at nine projects, eight of them located beyond the Outer Ring Road, will be introduced during the weekend, up from nearly 850 units released last weekend, according to research released yesterday by

    The new units will be sold at an average 19,000 yuan (US$3,011) per square meter, a weekly drop of 30 percent, mainly due to their outlying locations.

    A China Overseas development in Putuo District will sell apartments of between 245 and 340 square meters for an average price of between 38,000 and 45,000 yuan per square meter, the most expensive homes released this weekend, Soufun data showed.

    The land plot where the new homes are built cost China Overseas more than 7 billion yuan in 2009, the most expensive parcel sold that year.