China’s struggling real estate market is showing signs of recovery following government measures to boost the sector, with hundreds of buyers snapping up properties in a new luxury housing project in Shanghai.
All 158 units in the third batch of Sunac China Holdings’ Wang Sino Park were sold out within three hours of the sales start at 1pm, with sales of 5.88 billion yuan (US$825.8 million). . The first two phases of the project have been sold out, with the developer raising a total of 21.5 billion yuan.
Located in the Dongjiadu area of Huangpu District, Shanghai’s commercial hub, the apartments were priced at 172,000 yuan (US$24,150) per square meter, or 40 million yuan per unit. Mr Sanak said there were twice as many buyers as there were apartments for sale.
Wang Sino Park’s strong performance comes after the Chinese government announced a major economic stimulus package in late September to support the real estate sector and stimulate homebuyer demand. Homebuyers have been tightening their wallets since the real estate industry-wide crisis began in late 2020. Curb debt-laden developers.
Mr Sun, a Shanghai resident who declined to give his first name, bought the 180 square meter (1,938 square foot) apartment on the 30th floor and said he was “delighted” to have acquired an asset that “can maintain its value”. Ta.
“It doesn’t make sense to keep holding on to your money at this point. The stock market isn’t suitable for ‘retailers’ like us, so buying a home is probably the best option at this point.” he said.
