Nearly 200 apartments sold out overnight

09:29, March 24, 2010      

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Nearly 200 apartments in Hangzhou in East China's Zhejiang province sold out overnight on Monday - another signal that property in urban China continues to be in hot demand.

The 188 apartments, developed by Hong Kong-listed Greentown China Holdings Ltd, are between 230 and 330 sqare meters, and have an average price of 45,000 yuan ($6,600) per sq m, said an unnamed sales representative of the company. They sit in the heart of New Town Qianjiang, just a few blocks away from Qiantang River, where Hangzhou's future central business district will be built.

Greentown China would not confirm the apartments sold out overnight.

Another 170 apartments by the same developer will go on the market in early May. Already many customers are showing interest in these apartments, said the saleswoman. Those apartments are all bigger than 400 sq m, carrying a price tag of more than 60,000 yuan per sq m.

"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 center in Zhejiang University.

"Home buyers, particularly those investing in high-end real estate, will focus more on quality and location," he said.

Properties in Hangzhou are much cheaper than those along Huangpu River, said Jiang Hailang, a deputy general manager of Huabang real estate.

"With the strengthening integration and interaction of the Yangtze River, Hangzhou will show more potential in its economy as well as its property market," he said.

Investors' return in the property market last year was high, especially those who sold their high-end properties, Jiang said.

"More and more people chose to invest in property after the latest recession."

Investors and homebuyers across the nation continued to build great enthusiasm for the property market.

Luxury apartments in Nanjing, such as No 9 Changjiang Road, were received well by the market. Known as one of the most expensive properties, No 9 Changjiang Road has raised its price from 35,000 yuan to 40,000 yuan per sq m within two months and only few apartments are still available, according to its sales department.

"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.

A property developer in the Sino-Ocean Group bought a piece of land in Beijing for 4 billion yuan on March 15, with the price per square meter setting a new record of 27, 000 yuan.

Five pieces of land were sold on same day in Beijing for total value of 14.35 billion yuan.

According to local reports, housing prices beyond the sixth ring road of Beijing, the rural strip connecting areas of the capital, have reached more than 10,000 yuan. In Shanghai, no houses are priced lower than 10,000 yuan per sq m and house prices beyond Shanghai's outer ring have reached 20,000 yuan per sq m.

Source: China Daily
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