Nov. 5 (Bloomberg) -- Shanghai new luxury home sales volume in October soared 82 percent from September, the highest monthly gain in five years . . .Sounds like there is still plentiful supply of new units.
Luxury property prices fell 1.5 percent from September to an average price of 56,200 yuan per square meter.
Luxury property sales drove a 3.1 percent gain in Shanghai home prices in October from the previous month, according to UWin.
The introduction of a property tax may cause housing prices to drop between 15 percent and 20 percent, Citic Securities Co. said Nov. 3. The tax may affect economic growth by 0.48 percentage point to 0.64 percentage point by slowing real-estate investment, analysts led by Zhu Jianfang wrote in the note.