Shanghai's real estate market sees robust growth in March

⁠⁠⁠⁠⁠⁠⁠Shanghai's real estate market is witnessing robust growth, with both pre-owned and newly-built home transactions surging significantly in March.

The pre-owned housing market has been active this year. According to data from the Shanghai Real Estate Trading Center, the cumulative transaction volume of pre-owned homes in Shanghai reached 2.67 million square meters (31,200 units) from January to February, marking a 51 percent year-on-year increase. From March 1 to 20, the turnover amounted to 1.405 million square meters (16,800 units), reflecting a 57- percent rise compared to the same period last year.

According to industry insiders, the sustained positive momentum in Shanghai’s pre-owned housing market has recently led to a noticeable increase in the number of listings and a marked reduction in the transaction cycle.

"Compared to the same period last year, the average transaction cycle for one of our clients was nearly 119 days. More recently, we've observed that this cycle has shortened to under 100 days, indicating that customers are finalizing transactions more quickly than before," said Liao Feng, deputy manager of a housing agency in Shanghai.

In terms of newly built houses, data from the Shanghai Real Estate Trading Center shows that the total transaction volume from January to February reached 780,000 square meters, marking a 28 percent year-on-year increase. Since March, the average daily turnover of new houses for sale has reached 11,000 square meters, reflecting a 34 percent increase compared to the same period last year.

In terms of pricing, the transaction prices of commercial housing have generally shown a rebound. Since the start of the year, Shanghai's newly built housing price index has steadily increased, rising by 0.6 percent in January and 0.2 percent in February. Meanwhile, the pre-owned housing price index has climbed by 1.5 percent since the fourth quarter of last year.

"Especially in March, the number of pre-owned houses we closed deals on over the weekend has consistently remained at a level where the average daily turnover exceeds 1,000 units. With the improvement in leading indicators for pre-owned houses observed in early March, it is anticipated that the market will perform well in the months following the Spring Festival," said Ruan Junqi, deputy director of the Shanghai Real Estate Trading Center.  

Shanghai's real estate market sees robust growth in March

The China-CELAC (Community of Latin American and Caribbean States) Forum is expected to bring new vitality to the global development and human civilization, said Colombian President Gustavo Petro in Beijing.

Petro, who delivered a keynote speech at the opening ceremony of the fourth ministerial meeting of the China-CELAC Forum on Wednesday, told China Media Group (CMG) in an interview, while giving a special mention of the importance of the forum as a platform to reshape multilateralism.

"This Forum, held here in China, comes at a pivotal moment in history. And that's precisely what makes it so significant. It is taking place at a time when multilateralism is in urgent need of reshaping. There are some powers who believe they can rule the world through intimidation and shows of force. But with China and Latin American and Caribbean (LAC) countries standing together, we must make them understand: history is full of hard lessons. Those who once flexed their military might did not prevail. They may have enjoyed momentary success in the past, but this time, history will not repeat itself," he said.

This year marks the 10th anniversary of the China-CELAC Forum's operation.

Chinese President Xi Jinping stated in his speech delivered at the opening ceremony of the fourth ministerial meeting of the China-CELAC Forum that under the careful cultivation of both sides over the past 10 years, the China-CELAC Forum has grown from a tender sapling into a towering tree.

Petro hailed the relations between China and LAC countries over the past decade, saying that the cooperation is expected to energize the global development and human civilization.

"Yes, exactly, a tree. A strong and thriving tree, with deep and well-developed roots firmly anchored in the earth. There's no doubt that over the past ten years, trade in physical goods between China and LAC countries has grown substantially. China is involved in building the Bogota metro project. China is also constructing a port in Peru, and many other large-scale infrastructure projects are being advanced through Chinese investment and engineering expertise. When we link the cultural and civilizational threads of China and LAC countries, it's as if we are nurturing a living tree, one that grows tall toward the sky and promises to bring new vitality to the human civilization," he said.

China-CELAC Forum brings new vitality to global development: Colombian president