A somewhat gloom-and-doom story about the overheatedness of urban real estate in China on the website of UK paper The Guardian this morning begins with the following detail on the ritzy Tomson Riviera ghost town condominium complex in Pudong, Shanghai:
The panorama does not come cheap. At 180m yuan (£14m) for a penthouse, this is the most exclusive residential complex on the mainland. Unfortunately for the developers, it is also the emptiest.
Since it opened in October last year, the waterfront development has failed to attract a single buyer for any of its 74 apartments. The situation is so desperate that Tomson has decided to put a second block out to global public tender. (emphasis added)
Fair enough. There have been worries about Tomson’s complete lack of sales since November of 2005, a month after it had gone on the market.
But not so fast — Tomson Riviera actually sold four units in a single week earlier this month. So there! Or, if you want to be a negative nelly, you could also say it sold four units in a single 10-month period. Now that’s exclusive.
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