ABOUT 90 percent of the apartments in a new housing estate were sold as soon as they went on the market Saturday, Chinese-language media reported yesterday.
It was absolutely crazy, said a real estate broker who wasn t named by the Nanfang Daily. I haven t seen so many people in a property sale center for a long time.
More than 1,000 homebuyers crowded in the Vanke sales center in a five-star hotel in the Futian CBD on Saturday morning. The Daily said Vanke had put 554 apartments on sale in the housing estate in Buji Subdistrict, Longgang District, at an average price of 20,000 yuan (US$3,030) per square meter.
There is still a high demand for homes in Shenzhen, said Wang Shijie, director of the market research department of Centaline Property.
Wang said more than 80 percent of new homes released last week were sold, the highest level since the Central Government imposed new tightening measures to curb the overheated property market in September.
According to statistics, only 30 percent of Shenzhen residents own properties, the Southern Metropolis Daily reported yesterday, quoting Deng Zhiwang, director of the property research center at Shenzhen Polytechnic.
Meanwhile, the continued rise in the CPI had also driven many homebuyers into the market, Wang said.
The city s CPI rose 5.1 percent in November. Property is one of the good options to protect personal assets under such circumstances. Many people are confident in the housing market, said Wang.
He said property investment was one of the limited good investment options in China. That s why the property market in China showed robust growth in the past few years.
Statistics showed that property market in Shenzhen fell slightly in 2007 and 2008, the only downturn recorded since 1998 when China started property reform, introducing commercial housing.
(SD News)
