It was already past 7:15pm on Thursday, but local developer Golden Real Estate’s sales center in Shenzhen was still packed with prospective home buyers (mostly couples and family groups), real estate agents and salespeople. Personnel were moving quickly to show sample rooms and help with calculations. Cheers suddenly erupted as the woman cracked a “golden egg” (a typical way for buyers to celebrate the purchase of a new home) and opened a gift box from the developer. According to sales manager Feng Yuanjing, she was one of about 30 homebuyers who bought the apartment on the third day of China’s Golden Week national holiday holiday, when the developer announced that the total sales It is said to have sold approximately 300 million yuan (US$42.5 million). We are looking for properties in the Nanzan area of the city.
“Recently, in order to entertain as many customers as possible, we had to extend our business hours from the previous 7pm deadline to 11pm at the latest,” Feng said, adding that on Thursday, his team of 350 people It added that it had welcomed several visitors. The property was primarily targeted at families looking to upgrade their home, as the average price of the apartments on sale was 70,000 yuan per square meter after discounts.
This busy day for homebuyers reflects the strong boost injected into the domestic real estate market by a wide-ranging economic stimulus package announced by the Chinese government on September 24th. These homebuyers also benefited from the latest mitigation policies implemented by local governments. Last week, the government of Guangzhou, the capital of southern Guangdong province, lifted all restrictions on local and non-local residents to buy homes. Following the move, the city governments of Shanghai and Shenzhen eased previous restrictions on non-local residents. A buyer breaks a “golden egg” to celebrate the purchase of a new home in Shenzhen on October 3, 2024. Photo: Yulu Ao
The cities also exempted residential homeowners from paying a 5.5% capital gains tax if they sold their property after two years, compared to the previous five-year holding rule.
