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Grass greener on other side
By Cao Qian |
March 19, 2010, Friday
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Print Edition
Print Edition
HOUSING developments in outlying areas of Shanghai dominate this year's spring property fair with developers from nearby provinces going all out to market their projects to local buyers, banking on improved inter-city traffic links and affordable prices for their projects.
The annual Shanghai Spring Real Estate Exhibition, viewed as the barometer of the city's housing market for the whole year, started yesterday at the Shanghai Exhibition Center. About 200 real estate projects, comprising residential and commercial developments designed for both end-users and investors, are displayed at the four-day fair, said VNU Exhibition Asia and Zhonghao Exhibitions, the joint organizers of the event.
"Housing projects I can afford all seem to be located near the Outer Ring Road or even further and I don't expect any significant price cuts by developers at the moment as most of them are still cash-affluent," said Vincent Li, about 35, an office worker who has been looking for a two-bedroom apartment for his parents since mid 2009. "Anyway, I will collect some information and maybe take a site trip later as shuttle services are available for some projects."
Surging home prices in the city over the past year have quickly cut buyers' affordability to own them.
"We've been receiving a growing number of clients from Shanghai over the past few years amid improving traffic and economic ties between the two cities," said Xu Junbiao, deputy sales director with Future City, a major residential development in Suzhou Industrial Park. "More than 10 percent of our apartment owners are from Shanghai, both investors and end-users."
Xu's company is among a group of six developers in Suzhou which have brought a total of eight projects to the fair in Shanghai.
While average prices of new homes in Shanghai have soared to 20,487 yuan (US$3,000) per square meter in the first two weeks of March, those for new residential projects cost below 12,000 yuan per square meter in Suzhou.
The traveling time to the city in Jiangsu Province will be cut to 15 minutes when the Shanghai-Nanjing high speed rail project is completed, according to analysts.
The annual Shanghai Spring Real Estate Exhibition, viewed as the barometer of the city's housing market for the whole year, started yesterday at the Shanghai Exhibition Center. About 200 real estate projects, comprising residential and commercial developments designed for both end-users and investors, are displayed at the four-day fair, said VNU Exhibition Asia and Zhonghao Exhibitions, the joint organizers of the event.
"Housing projects I can afford all seem to be located near the Outer Ring Road or even further and I don't expect any significant price cuts by developers at the moment as most of them are still cash-affluent," said Vincent Li, about 35, an office worker who has been looking for a two-bedroom apartment for his parents since mid 2009. "Anyway, I will collect some information and maybe take a site trip later as shuttle services are available for some projects."
Surging home prices in the city over the past year have quickly cut buyers' affordability to own them.
"We've been receiving a growing number of clients from Shanghai over the past few years amid improving traffic and economic ties between the two cities," said Xu Junbiao, deputy sales director with Future City, a major residential development in Suzhou Industrial Park. "More than 10 percent of our apartment owners are from Shanghai, both investors and end-users."
Xu's company is among a group of six developers in Suzhou which have brought a total of eight projects to the fair in Shanghai.
While average prices of new homes in Shanghai have soared to 20,487 yuan (US$3,000) per square meter in the first two weeks of March, those for new residential projects cost below 12,000 yuan per square meter in Suzhou.
The traveling time to the city in Jiangsu Province will be cut to 15 minutes when the Shanghai-Nanjing high speed rail project is completed, according to analysts.
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