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Beijing luxury residential building pre-sale starts

04-07-2012 14:29 BJT

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Property prices are starting to ease in China - but that hasn't prevented the release of several new luxury developments in Beijing. We're talking about some of the most expensive properties on the market. Laura Luo takes a look at all the fuss.

Beijing has given the green light to several developers to sell some extremely high-end houses, priced between 60 thousand to almost 110 thousand yuan per square metre. The most expensive house of all is located in Beijing's CBD area in Chaoyang District, and is priced at 162 million yuan. Some insiders say many developers rushed to release these high-end projects due to financial constraints.

Chris Hu, vice president of B.A. & 5I5J Group, said, "Many high-end residential projects have stayed outside the market for a while, so they can wait and see if property curbs will be loosened. But during the two-session period, we saw no signs of those policies changing. Therefore developers have been forced to carry out their projects as originally planned."

Others say this doesn't reflect the overall state of the property market, because luxury properties take up a very specific part of the market.

Wang Jia, CEO of HOUSE.FOCUS.CN, said, "The high-end market will not impact Beijing's overall property market much. The government hasn't approved many cottages and luxury apartments since 2009. Last year, 80 percent of construction was for standard and welfare apartments. "

Home prices in China fell for the seventh month in March. Chinese Premier, Wen Jiabao, reiterated early April that the government would resolutely maintain curbs on the country's property market. China's two-year effort to rein in home prices and prevent an asset bubble has included moves including higher down payments, higher mortgage rates, and purchase curbs across 40 cities.

 

Editor:Liu Fang |Source: CNTV.CN

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