Wednesday, March 24, 2010

Apartments sell out overnite in China

SHANGHAI - Nearly 200 apartments in Hangzhou in East China's Zhejiang province sold out overnight on Monday - another signal that property in urban China continues to be in hot demand.

The 188 apartments, developed by Hong Kong-listed Greentown China Holdings Ltd, are between 230 and 330 sqare meters, and have an average price of 45,000 yuan ($6,600) per sq m, said an unnamed sales representative of the company. They sit in the heart of New Town Qianjiang, just a few blocks away from Qiantang River, where Hangzhou's future central business district will be built.

Greentown China would not confirm the apartments sold out overnight.

Another 170 apartments by the same developer will go on the market in early May. Already many customers are showing interest in these apartments, said the saleswoman. Those apartments are all bigger than 400 sq m, carrying a price tag of more than 60,000 yuan per sq m.

"Only a few luxury properties are along the scenic Qiantang River and considering its rare location and future price growth, these apartments are not priced too unreasonably," said Zhou Ganghua, the director of property research center in Zhejiang University.

"Home buyers, particularly those investing in high-end real estate, will focus more on quality and location," he said.
Price? Who cares about price when you're flipping!

Once again, China shows that it is the world's greatest copier. Now they sell 700 square foot apartments for over $400,000, and they sell them out overnite!

Just like we did!

The Chinese agrarians are moving into the city!


ex Dubai Property Flipper said...

Yup, been there, done that.

Anonymous said...