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Bright year for luxury property
By Cao Qian |
January 25, 2010, Monday
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Online Edition
Online Edition
SHANGHAI'S high-end property market will remain stable this year despite cooling measures introduced by the government, real estate analysts have predicted.
"Scarcity of supply, sanguine economic outlook, coupled with continuously strong investment demand from wealthy Chinese as well as some overseas buyers who expect steady appreciation of the Chinese currency over the medium term, will continue to render strong support to the price of luxury homes in the city," said HingYin Lee, director of research and advisory for East China operation at Colliers International.
"The high-end housing market, more driven by liquidity, is usually not targeted by the government in its policy adjustment."
The Shanghai housing market saw sales drop by about 50 percent in the first half of this month, after tighter lending restrictions, according to the latest statistics.
"The cooling measures are expected to slow down home transactions in the short term, and investment and speculation in small and medium units and mid- to low-end apartments will be controlled,'' said Danny Ma, director of research for CB Richard Ellis's China operation. "However, they will have rather smaller influences on the high-end market."
Sixty units in Yanlord Town in Pudong's Lianyang area have been sold at an average 50,000 yuan (US$7,320) per square meter within a few days since its launch in mid January.
"Scarcity of supply, sanguine economic outlook, coupled with continuously strong investment demand from wealthy Chinese as well as some overseas buyers who expect steady appreciation of the Chinese currency over the medium term, will continue to render strong support to the price of luxury homes in the city," said HingYin Lee, director of research and advisory for East China operation at Colliers International.
"The high-end housing market, more driven by liquidity, is usually not targeted by the government in its policy adjustment."
The Shanghai housing market saw sales drop by about 50 percent in the first half of this month, after tighter lending restrictions, according to the latest statistics.
"The cooling measures are expected to slow down home transactions in the short term, and investment and speculation in small and medium units and mid- to low-end apartments will be controlled,'' said Danny Ma, director of research for CB Richard Ellis's China operation. "However, they will have rather smaller influences on the high-end market."
Sixty units in Yanlord Town in Pudong's Lianyang area have been sold at an average 50,000 yuan (US$7,320) per square meter within a few days since its launch in mid January.
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