Buyers snap up cheap high-end apartments

TWENTY apartments at a development within the Inner Ring Road in Shanghai's Changning District attracted a crowd over the past weekend when the owner, a Hong Kong-based investment company, said it would sell the units to individual buyers.
More than 400 people rushed to the Shanghai Silver Rainbow project during the two days after being told of the plan by some real estate agencies as the owner shelved its earlier plan to sell them in a package only, Shanghai Morning Post reported yesterday.
It is understood that the reportedly cash-strapped firm's change of mind is due to its belief that it's almost impossible to find one single buyer for the package following the latest government stringent policies, which include a cap on home purchases.
By Sunday afternoon buyers had snapped up the 20 apartments, each with a gross floor area of between 120 and 190 square meters, at a relatively cheap 23,000 yuan (US$3,485) and 35,000 yuan per square meter, the newspaper said. Other units in the project command prices of more than 40,000 yuan per square meter on average.
Source:Shanghai Daily