Shanghai Property Sales Still Climbing

Shanghai sales of new homes climbed above 2000 yesterday, the seventh straight day of sales above 1000 units. It marks a massive increase over the prior week:
 Shanghai chain market research data show, August 22 to August 28 week, Shanghai commercial housing turnover is 555,700 square meters, up 93.02% week-on-week; average transaction price was 43,571 yuan / square meter, up 5.60%.
Rumors of tighter credit and new divorce rules have fueled sales.
Preceding the recent unrest is closely related to the emergence of Shanghai "New Deal credit purchase rumors." To date, the network spread several versions, including a conditional raise the proportion of down payment, even including the "divorce less than a year, the purchase and loan policies in accordance with the family situation before the divorce process," and referred to the Executive after September 1.

Rumors spread more in the future, houses single-day volume of about 1,700. This figure rose sharply compared with the daily average volume of new homes on weekdays 300-400 sets, two days after the "325 New Deal".
Caixin: 上海一手房成交量连续七日过千套

The Australian: Shanghai couples rush to divorce for cheaper homes
Spouses were scrambling to cut ties, at least on paper, amid rumours that the city might soon shut a loophole that families often use to buy more property: divorce. The surge is a response to concerns about rising property prices and government efforts to slow the increase.

Under current rules, a family buying a second home is required to put a down payment of up to 70 per cent while a first-time buyer needs to put up only 30 per cent. Widespread rumours — denied by housing authorities — say the penalty would be extended to those recently divorced for one year.

Dozens of couples packed into Shanghai’s Xuhui District Divorce Registration Office to register divorces eager to break up. One woman, who gave her surname as Gu but declined to give her full name, said she was there to help her parents divorce after 35 years of marriage. The idea is to buy an apartment for the older couple that has an elevator, said Ms Gu, and the divorce can help the “buyer” save on the down payment.

“We don’t have much money, so there’s no other way. The property price is so high that it’s unbearable for us,” Ms Gu said. The divorce, she said, wouldn’t destroy her family, because her parents have a stable relationship.

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