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English>>People's Daily Online Exclusives

Man spends 100 million RMB to buy 60 apartments in one afternoon

(People's Daily Online)    13:12, September 23, 2016

(File photo)

The overheated property market of China in 2016 has constantly surpassed previous records and expectations. No matter in first-tier cities like Bejing and Shanghai or second-tier cities like Hangzhou and Nanjing, housing prices have continuously stretched to new highs.

On the afternoon of Sept. 21, one man bought 60 apartments in a newly opened residential area in the high-tech district of Chengdu. The client spent 98 million RMB, as confirmed by the residential compound's developer, Thepaper.cn reported.

Jiang Chuan, the marketing director of the development company, said that the average price of the compound's apartments is 15,000 RMB per square meter. That afternoon, the client, accompanied by two lawyers, paid 3.6 billion RMB as a downpayment on the 60 apartments. The remaining balance must be paid within one week. Apartments in the residential area have only been availble for purchase for a few days, and the 60 apartments account for a full third of all the units available.

According to Jiang, since March, the property market of Chengdu has been steadily warming. Prices in this particular housing compound rose from 9,000 RMB per square meter in June to their current 15,000 RMB - an increase of 65 percent.

Jiang said it was the first time he had seen a client buy so many apartments at one time. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Kong Defang, Bianji)

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