SOHO China Sanlitun project first week pre-sales RMB4.35 billion

Hong Kong-listed SOHO China said pre-sales for its Sanlitun SOHO project in Beijing  have reached RMB4.35 billion since sales were launched on July 13.

SOHO said that at an average sales price of RMB49,000 per square meter, the largely office and retail project points to resilient volumes and pricing for prime city center real estate despite an overall weaker property market.

Chairman Pan Shiyi said the project’s robust sales in weakening market conditions were due to the fact that mainland investors are looking to counter inflation by investing in high-quality real estate assets, allowing the developer to maintain higher prices.

He also said that the company’s brand and loyal client base played a large role in the launch’s success, with repeat buyers accounting for 40% of volume and all customers coming from the mainland.

When completed, Sanlitun SOHO will consist of five shopping malls, four residential towers and five office towers, covering a planned gross floor area of 465,680 sq m. (Please note the top picture is of Sanlitun as it is now. The bottom picture is of how it will be.)
Source: Quamnet