Business
China’s Ultra-Rich Betting on Luxury Real Estate in First-Tier Cities Amid Market Correction
China's extremely affluent individuals are purchasing high-end properties in the country's top cities. According to recent sales data, these affluent property buyers see potential in apartments located in premiere city centers following a recent adjustment in the market.
Linda Wang, who is originally from Shanghai and 30 years old, purchased a new 186-square meter property in the city's Xuhui district downtown. The purchase, made on August 29, cost 26.4 million yuan or US$3.7 million. This came after she and her family sold two of their other apartments last year.
Wang's most recent acquisition marks her third property in the city, symbolizing a fresh trend among the extremely wealthy who are buying up high-end apartments regardless of the nationwide real estate slump. They believe that the limited availability of properties in top-tier city neighborhoods will safeguard their investments.
The residential property in Xuhui was among the 120 available units at Auant on that particular day. Each unit was priced at an average of 26.6 million yuan. Impressively, all units were bought within the first half-hour of their release.
"Right now, there aren't a lot of investment alternatives," Wang commented. "A house in the city center is the preferred choice, otherwise I'm unsure where to place my assets to prevent them from losing value. The real estate market has been adjusting over the past few years and the current rates are quite appealing, particularly for newly built homes."
A finance expert, aged 40, who preferred to remain anonymous for personal reasons, also purchased a property for personal use, with hopes of its value increasing over time. He mentioned the strategic position of these apartments, being located amidst numerous advanced technology corporations in the heart of Shanghai's business hub.
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