Local housing prices soar on Shanghai FTZ

Talk of Shanghai’s free trade zone has led to a 30% spike in housing prices near the site, Bloomberg reported, citing a Chinese property brokerage. Prices rose to US$3,595 per square meter in Gaoqiao, in the city’s northeast, in the first two weeks of September, said An Tao, a manager at Century 21 China Real Estate. Sales climbed about 50% from the same period in August. The government said in an August 22 statement that the State Council had approved the special zone. Premier Li Keqiang will reportedly kick off an official opening ceremony on Friday.