Luxury properties defy China’s slumping home sales as big-city buyers splash out

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Sales of homes above 30 million yuan (US$4.2 million ) in Shanghai hit a 10-year high in the first half of the year, according to CRIC data.

Located in Huangpu district, the project, priced at 171,000 yuan per square metre (15,886 yuan per square foot), was nearly double subscribed ahead of the launch.

Homebuyers snapped up 1,544 luxury homes with prices above 30 million yuan in Shanghai in the first half of the year, the highest in 10 years, CRIC data showed.

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Article Details

Author / Journalist: Yulu Ao

Category: Business

Markets: Hong KongChina

Topics: Sold Projects Market China Square Launch Yuan Premium Year Luxury Shanghai

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-19 @ 17:00:20 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 565 words

Reading Time: 4 minutes read

Sentences: 19 lines

Sentence Length: 30 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 22135856

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