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Stimulated by surging demand and government incentives, prices in Shanghai's residential housing sector rose for a fourth consecutive month in January, up 3.6 percent from a year earlier.
Prices in the city's residential market edged up 0.15 percent last month from December, according to the Shanghai Real Estate Index.
In 2000, real estate prices rose in 10 months, except February and September when they stayed unchanged.
The continuous growth reflects a stable recovery in the local housing market, the index report said, adding that the New Year and Spring Festival holidays also boosted sales.
Though prices and rents in the city's commercial office market remained unchanged last month, industry officials said the sector has hit the bottom, ending five consecutive years of decline.
With China's pending accession to the World Trade Organization, an increasing number of multinational corporations and financial institutions will buy offices in Shanghai, government officials said.
A decline in the vacancy rate of office buildings will stimulate a recovery in the local commercial office market this year, the report said.
The January index, which is part of the China Real Estate Index system, covered 10.42 million square meters involving 157 projects.
(eastday.com 02/13/2001)
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