Luxury rentals up in Shanghai
Rental prices for high-end residential properties in Shanghai climbed 2.7% in July from a month earlier, the Shanghai Morning Post reported. Rentals for luxury residences around Nanjing Road East were up 4.7% in July, higher than any other area in the city. Rentals for a one-bedroom apartment (without a living room) on Hankou Road was US$601.85 (RMB4,550) on average in July, up from around RMB4,000 in June. Residential rentals in Xuhui district’s Xujiahui commercial area and Luwan district’s Xintiandi entertainment area were up 4.6% in July. Growth in Pudong district’s Lujiazui financial area was 3.2%. The growth rates in Yangpu district, where most of Shanghai’s prestigious universities are based, grew 2.9% during the month as graduating university students looked for apartments as a “foundation” for job hunting, the newspaper said.