Shanghai residential investment rising

Shanghai residential property is attracting investors again, the South China Morning Post reported, as investors appear to be putting their money back into property after exiting the exuberant mainland stock markets. Real estate prices are also rising because of tight supply. Investment in property development in Shanghai rose 15.5% in the first quarter of this year to some US$5.3 billion, according to the Shanghai Statistical Bureau. Last year, the figure was 2.3%. Sale prices for residential property rose 0.3% for new housing and 0.9% on the second-hand market.