May 6, 2009 (China Knowledge) - The 2009 Shanghai Spring Real Estate Exhibition, held from May 1 to May 4, recorded contracted sales revenue of RMB 1.92 billion, whereas it reported RMB 550 million last year, according to statistics from SouFun.com, a leading property web site in China.

The transaction area totaled 130,000 square meters (sq m) and the average transaction price was RMB 12,000 per sq m.

According to real estate research site YouWin.com, Shanghai saw property transaction area reach 474,200 sq m in the period from Apr. 27 to May 3, a week-on-week decrease of 22%. The residential property transaction area was 415,400 sq m in the same period, a decline of 20% week on week.

In April alone, the residential property transaction area of the city totaled 1.89 million sq m, a month-on-month growth of 25.17%. The residential property transaction volume was 16,853 units, an increase of 24.4% month on month.

In the first quarter of this year, Shanghai's real estate developers obtained RMB 23.38 billion in loans from domestic lenders, a year-on-year growth of 19.4%, according to the Shanghai Municipal Statistics Bureau.