High-end homes in Shanghai are selling out quickly, fuelling hopes of a recovery in the city’s property sector, as wealthy individuals bet on a continuing rise in prices.
Residential units priced at 100,000 yuan per square metre and above are defined as high-end, according to the property consultancy.
“Looser credit conditions combined with Shanghai’s relaxed stance on housing policies are expected to help sustain the ongoing homebuying sentiment in both the primary and secondary home markets,” said Sherril Sheng, research director for JLL China’s residential division. “High-end primary home prices are expected to rise further.”
The Hong Kong-listed developer launched 158 units priced from 40 million yuan to 170 million yuan, which were snapped up within 24 hours, bringing in more than 9.2 billion yuan.
