China property: Shanghai and Shenzhen luxury home sales soar after stimulus package

Sales of luxury homes jumped in the mainland Chinese cities of Shanghai and Shenzhen immediately after the historic stimulus package, with wealthy buyers snapping up some 360 flats totalling worth 20 billion yuan (US$2.85 billion) as buyers bet on a brighter economic outlook.

Lakeville Phase 6, a residential project by Shun On Land in the heart of downtown Shanghai’s Huangpu district, sold all 108 flats launched on Friday, fetching some 12 billion yuan.

At Auant, another luxury project in the city’s Xuhui district, buyers snapped up all 178 available flats – priced from 15 million yuan to 33 million yuan – within an hour. Developed by China Overseas Land & Investment (COLI), it was the third round of sales for the project this year, in which all flats sold out on the day of the launch.

In Shenzhen, Arcadia Bay, another luxury project developed by COLI, found buyers for nearly half of the 152 flats in the third phase on Saturday, pulling in more than 2 billion yuan. All the units in the first two phases launched in the past few months were immediately sold out as soon as they were offered.

It is the first residential project in Shenzhen Bay Super Headquarters Base, a developing business and financial centre in the bustling Nanshan district, planned under the city’s ambitious blueprint for connecting and serving the Greater Bay Area. The area is expected to serve as the new headquarters of technology and financial giants, including Oppo, ZTE, JD.com and Citic Group.