Shanghai Real Estate News

SHANGHAI (Dow Jones)--Shanghai's municipal government said Tuesday it is aiming to keep the rise in new residential property prices this year below the city's economic growth rate and the average increase in wages.

The city will also ensure the supply of newly built public housing this year is larger than that of private homes in terms of floor space, the municipal government said in a statement on its property price control targets.

China's housing ministry expects local governments to set property price control targets by the end of the first quarter as part of efforts to fulfil the State Council's measures to cool the country's real-estate sector.

Shanghai's gross domestic product rose 9.9% in 2010, according to the Shanghai Municipal Statistics Bureau.

Property prices in Shanghai rose 13.4% last year, according to the China Real Estate Index System, compiled by China's largest online real-estate brokerage, SouFun Holdings Ltd.