China Real Estate: Sunac’s Luxury Apartments in Shanghai Sell Out in Just 3 Hours

China’s property market is recovering, with all 158 luxury units at Sunac China’s One Sino Park in Shanghai sold in three hours, generating 5.88 billion yuan, amid new government stimulus measures.

Signs of Recovery in China’s Property Market

China’s property market shows signs of recovery as Beijing implements measures to revitalize the sector. Recently, buyers flocked to a luxury residential project in Shanghai, indicating renewed interest in real estate.

Successful Sale of One Sino Park Units

The third batch of Sunac China Holdings’ One Sino Park sold all 158 units within three hours, generating ¥5.88 billion (US$825.8 million). This follows the successful sales of the project’s previous phases, totaling ¥21.5 billion. The luxurious flats in the Huangpu district were priced at ¥172,000 (US$24,150) per square meter, attracting double the number of interested buyers compared to available units.

Investor Perspectives on Real Estate

Shanghai resident Sun, who purchased a sizable apartment, expressed satisfaction in securing an asset that can “maintain its value.” He noted that current market conditions make home buying a more sensible investment compared to other options like the stock market.

Source : China property: Sunac’s Shanghai luxury flats sell out in 3 hours