Officially, sales in Shanghai, Nanjing and Hangzhou in the first half of the year were down 50%.
During the first 27 days of November, new home sales in Shanghai totaled only 382, 000 square meters, Deovolente data showed.
Star River in December offered discounts of as much as 20% to buyers of its units in Shanghai in a bid to boost flagging sales.
Until now, most of China's explosive growth in auto sales has been concentrated in the wealthier coastal areas near Beijing, Shanghai and Guangzhou, where big, expensive sedans are popular.
"There are so many parallels between Shanghai in the 1930s and Shanghai now, " says Russell Durnell, director of sales and marketing for special projects at Langham Hotels International of Hong Kong, which manages the Yangtze.
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Within the past week, publicity associated with bird flu in Shanghai and surrounding areas has had a negative impact on KFC sales, the company said.
Retail sales in the city rose 12.3% last year as it is, making Shanghai an attractive city for luxury brands, real estate and professional services.
Shanghai housing sales continue their decline, falling a whopping 12.7% in one week, according to a report released Monday by Shanghai Deovolente Realty Co.
Excluding subsidized housing, housing sales rose 20.7% from a week earlier to 312, 000 square meters in Shanghai alone last week, according to Shanghai Deovolente Realty Co.
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Then, there are rumors that the institution, once known as the Hongkong and Shanghai Bank, will also sell its half interest in HSBC Life Insurance, which laid off 130 sales staff recently.
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