Foreign Property News | Posted by Zarni Kyaw
Buyers looking for secondary property in Shenzhen will have to pay more as homeowners have raised their asking prices following the record prices achieved in a rare government land tender last month.
Developers are betting big on the tech hub, dubbed China’s Silicon Valley, attracting talent on the back of the Greater Bay Area initiative – a scheme launched by Beijing earlier this year to link Hong Kong, Macau, Shenzhen and eight cities in Guangdong province into an integrated economic and business hub.
On June 24, a plot in Longhua district – a mass residential area some 40 minutes from the central business district of Futian, fetched 67,000 yuan (US$9,784) per square metre – a record for the area.
“A couple of days after the auction results were announced, some homeowners told us that they want to increase their asking prices,” said Zhu Zhen, a 22-year-old agent with Youjia Properties in the city’s Longhua district.
Shenzhen to adopt Singapore housing policy and drop Hong Kong model A two-bedroom flat in a four-year-old residential estate one block from the recently auctioned land was listed at Zhu’s agency a month ago for 4.68 million yuan, or 65,620 yuan per square metre.
The agent said that the owner last week rejected an offer of 4.6 million yuan, saying that he wanted a much higher price, but was not sure how much.
Zhu said that he expected the increase would be at least 5 per cent because he sees sellers who are not in a rush to hold on and wait for their home values to appreciate.
The land in Longhua, which was bought by Logan Property Holdings, broke the previous record set in 2016 when China Jinmao Holdings Group paid 56,800 yuan per square metre.
Ref: Property Report
