The current real estate boom is starting to set some records. Possibly records China could well do without. Possibly records which are somewhat suss and may just be marketing ploys.
The developer of the costliest housing estate in Luohu District in Shenzhen is offering five sets of rooftop duplex apartments for RMB200,000 ($29,265) per square meter, pricier than the infamous Tomson Riviera in Shanghai. Tomson Riviera apartments were priced at RMB120,000 per square meter and regarded at the time as the most expensive on the Mainland.
Shenzhen’s Park Lane Manor, developed by China Resources, consists of three 49-story buildings. Two of them went on sale early last month, and apartments in these two buildings had almost sold out — despite asking prices as high as RMB40,000 per square meter according to a report in Southern Metropolis Daily.
The third building in Luohu District, which contains the five costly apartments, will open for sale in October, and each of the apartments will cost RMB100 million.
Shenzhen News points out that at such a price, even many high-earners are frozen out. A company manager who said he is paid an annual salary of RMB1 million joked that he could only afford to buy a bathroom in one of the apartments.
Some analysts say that setting a record price for a few apartments is a marketing ploy.
Song Ding, a senior real estate analyst with the China Development Institute, said, “This must be a trick played by the developer because 200,000 yuan per square meter is too much of a deviation from market prices.”