SHANGHAI'S existing housing index fell for the sixth straight month in March, with nearly 60 percent of monitored areas recording value decreases.

The index, which tracks price variations of previously occupied homes, lost 0.13 percent from February to 2,577 points last month, the Shanghai Existing House Index Office said yesterday. "Transaction volume of used homes rebounded last month amid recovering demand from end-users though a sustainable recovery is yet to be confirmed," said Zhang Shu, an analyst at the office. "A revised criteria for 'normal' housing that went into effect in March also helped trigger sentiment among home seekers."

Purchases of previously owned properties, mainly houses, should reach 16,000 units last month, the highest since January 2011, estimated Lu Qilin, a researcher of Shanghai Deovolente Realty Co. That compared with some 10,000 units sold in February.

Source:shanghaidaily.com