Transactions of new homes in Shanghai last week rose more than 40 percent week-on-week to 201,500 square meters, reports 163.com, citing Century 21 China Real Estate.

Poly Real Estate Group (600048) recorded 257 transactions covering a total area of 29,000 square meters at one of its developments due to the huge discounts offered.

According to an industry analyst, the relaxation of the definition of ordinary homes, discounts on mortgage rates for first-time home buyers, and discounts offered by developers resulted in the improved data in February.

Huang Hetao ,an analyst at 21 Century, said 10 projects launched during the first two months of 2012 recorded lower average transaction prices compared with the average in 2011.

According to Lu Qilin, an analyst at Deovolente Realty, additional property curbs are not likely to be rolled out before the end of  March.