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Property

Stratospheric Shanghai property market plateaus

Despite condo glut, prices remain beyond reach while overall economy takes hit

The Shanghai real estate market may have finally run out of steam, as the property rent index has remained flat for about two years. (Photo by Kosaku Mimura)

SHANGHAI -- Shanghai's pricey real estate market appears to have peaked as condominiums glut the market and the property rent index remains flat for the last two years.

In October, developer Country Garden Holdings slashed prices on its unsold condominiums in the eastern outskirts of Shanghai from 35,000 yuan ($5,068) per sq. meter to between 26,000 yuan and 28,000 yuan. Furious owners -- many of whom never moved in -- are staging protests near their properties, demanding that the company stop manipulating prices and reimburse them for potential losses.

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