A 188-unit apartment building in the city of Hangzhou (which sits in one of China’s wealthiest regions) reportedly sold out all of its units just a single day after opening up for sale.
The price? $6,600 per square meter.
Which, we imagine, makes a 70 square meter one-bedroom apartment cost $462,000:
“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 centre in Zhejiang University. “Home buyers, particularly those investing in high-end real estate, will focus more on quality and location,” he said.
“Despite the central government’s resolution to tame soaring property prices, they are unlikely to decrease, and may even increase higher and faster,” Ma Ji, consulting manager with Centaline Property Agency Ltd in Shanghai told China Daily.