COFCO Property's Seascape Yiho in Shanghai's Pudong district. (Photo/CFP)
Shanghai's luxury housing market does not seem to be influenced by the national government's housing price restriction policy. A property in Pudong district was sold last week at 220,000 yuan (US$35,000) per square meter, setting Shanghai's property value record, reports our sister Chinese-language newspaper China Times.
The property was sold by the real estate company under the China National Cereals, Oils and Foodstuffs Corporation, featuring its unique ocean scenery in Shanghai. It broke the record of the deal sold by Tomson Group two years ago at a 190,000 yuan (US$30,000) per square meter. It is not uncommon to see properties worth 50,000 yuan (US$8,000) per square meter in Shanghai, according to a local realty company.
The recording-setting deal is allegedly a unit of 35 square meters on the 10th floor with its total price at 84 million yuan (US$13 million). The price of the property nearly doubles that of other nearby properties.
This shows the returning passion of China's top customers with a bounce after the bottoming out of the country's economy, said an analyst at a Shanghai branch of the realtor Century 21. Yet another analyst held a different opinion, viewing this deal as an abnormal case which does not represent the market trend.