HOUSING prices in Shatoujiao, Yantian District, rose by about 10 percent in anticipation of the upcoming removal of the Wutong Mountain Tunnel tollgate, Shenzhen Economic Daily reported yesterday.
The tollgate leading to Yantian District would be dismantled at the end of the month, according to a transport commission schedule.
Housing prices in Shatoujiao were between 15,000 and 17,000 yuan (US$2,285-2,590) per square meter and seaside apartments had been sold for more than 25,000 yuan per square meter, the paper said.
A resident surnamed Zhong, who passes the tollgate each day, told the paper the removal of the tollgate would save him 7,200 yuan a year.
With mountain and sea views, Yantian has become a popular location for up-market housing in Shenzhen. However, the tollgate has had its effect on the development of ordinary residential housing, said Song Ding, director of the tourism and real estate research center for the China Development Institute (Shenzhen).
Removing the tollgate would provide a positive stimulus for the housing market in Yantian, Song was quoted as saying.
There was also a slight increase in the price and trade volume of pre-owned housing in Shatoujiao, according to real estate agents.
A contributing factor to the price increase was that real estate giant, Vanke, bought a 310,000-square-meter lot in central Shatoujiao at the end of last year for commercial development.
The city government bought 100 percent of the Wutong Mountain Tunnel tollgate shares from the tunnel operators for 800 million yuan.
(Li Hao)
