China’s Luxury Housing Market Thrives as Stimulus Package Spurs Record Sales in Shanghai and Shenzhen

Luxury real estate sales surge in Shanghai and Shenzhen following stimulus package

Affluent purchasers are acquiring properties in top-tier sites, buoyed by eased buying limitations and decreased mortgage rates.

The purchase of high-end residences in the major mainland Chinese cities of Shanghai and Shenzhen skyrocketed right after the unprecedented stimulus package was announced. Affluent purchasers acquired around 360 apartments, amounting to a total value of 20 billion yuan (US$2.85 billion), as they anticipated a more promising economic future.

Shun On Land's residential initiative, Lakeville Phase 6, situated in the central area of Shanghai's Huangpu district, successfully sold all of its 108 apartments on its launch day, Friday, earning around 12 billion yuan.

In Shenzhen's Arcadia Bay, a posh development by COLI, close to half of the 152 apartments in the third phase were purchased on Saturday, garnering upwards of 2 billion yuan. The units in the initial two phases, which were introduced a few months ago, were promptly snapped up as soon as they hit the market.

This marks the inaugural housing initiative within the Shenzhen Bay Super Headquarters Base, an emerging commercial and financial hub situated in the dynamic Nanshan district, designed as part of the city's grand strategy for linking and catering to the Greater Bay Area. The region is anticipated to function as the fresh base for tech and financial powerhouses like Oppo, ZTE, JD.com and Citic Group.

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China declares a reduction in mortgage rates as a component of fresh initiatives to stimulate the economy.