Average prices of new residences that went up for sale last week in Shanghai dropped to 8,235 yuan (US$1,028) per square meter, 5.6 percent lower than a week earlier.

The transacted volume reached 6,036 units, growing 24.1 percent from a week earlier.

The city's property market will remain stable after the central government said it will adopt more measures to cool escalating housing prices in major cities like Beijing and Shenzhen, industry analysts said.

(For more biz stories, please visit Industry Updates)