SHANGHAI: Sales of new homes in Shanghai fell 48% during the first seven months of the year from the same period a year earlier due to the government's efforts to cool the property market, the Shanghai Daily reported on Monday, Aug 23.

New home sales reached 9.11 million square metr4s, the newspaper said, citing data from the Shanghai Statistics Bureau.

China has started to take harsh action to dampen the overheated real estate market as well as crack down on speculative buying for multi-home owners. — Reuters
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