Shanghai Rumor Fuels Homebuying

Rumors are always useful for detecting sentiment.

Global Times: Rumor fuels home purchases in Shanghai
More than 1,600 new homes were purchased in Shanghai on Monday, the third day that the city's daily house trading volumes exceed 1,000, official data showed.

The sudden real estate boom was caused by recent rumors that the municipal government would soon roll out measures that would increase the cost of home purchases, industry insiders told the Global Times on Monday.
The government refuted the rumor, but the trend points to restrictive policies in most first- and second-tier cities. The surge in buying, however, indicates there's still investment demand for property.

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