China Property Market: Resilience of Luxury Homes in Shanghai
China Property Market Overview
China's luxury property market appears to be thriving even as the mass housing sector faces challenges. Developers are accelerating the launch of premium properties to recover financially.
Record Sales in Shanghai
- Blossoms China: All 33 units sold in initial launch, raising 1.8 billion yuan (US$252.8 million).
- Units average 170,000 yuan per square meter, with some duplex apartments also sold.
- Overall average price for new homes in Shanghai is 64,466 yuan per square meter.
Resilience in Tier-One Cities
Luxury home prices in key cities like Beijing and Shanghai remain robust, while standard housing prices face declines of 20-30%. Yang Kewei from China Real Estate Information Corporation (CRIC) noted ongoing demand.
Future Launches and Trends
- Blossoms China: 533 flats and 151 townhouses, with more units to be launched.
- One Sino Park: Another luxury project sold all units quickly.
- In Shenzhen, further launches expected soon, indicating a trend across major cities.
Strong Demand for Premium Properties
With over 1,540 luxury homes sold in the first half of the year, the demand for high-end listings is evident. Despite challenges in the broader market, super-rich buyers seek quality luxury homes in prime locations.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.