Luxury Real Estate Blog and News
A property buying fever has gripped Chinese homebuyers, who are indulging in some revenge spending on property as coronavirus lockdowns are lifted in China.
Majority of wealthy Chinese nationals are spending their fortune mainly on luxury properties, yachts and private jets, based on the latest Luxury Consumer Price Index by Hurun Research Institute.
Sotheby's International Realty continues its expansion on the international luxury home market by targeting Beijing. The opening is to take place in 2014.
China's property market will see a downward price correction in the next few months as the effects of tightening measures weigh. Sales volume and prices have already stagnated and could be set for a deeper slump in coming months, according to news reports Sunday citing comments by Minister of Land and Resources Xu Shaoshi.
Heralded as one of the world’s most expensive property deals at HKD88,000 / US$11,300 per sqft when the sale was announced in October last year, developers Henderson Land announced this week that the sale of the penthouse, alongside 19 other units, has fallen through at its 39 Conduit Road development. With the news that the sale of a 6,158 sqft duplex penthouse in the mid-levels district has collapsed, the long awaited cooling of Hong Kong’s property market now seems certain.
Sometimes considered ‘China’s Riviera’ or the ‘Miami of China’, Hainan Island, and in particular Sanya, is the site of a booming property market and a vastly ambitious lifestyle revolution. Arriving in Sanya, the only thing as conspicuous as the balmy weather is the island’s booming property sector. Real estate ads dominate billboards along the airport expressway, project flags flutter throughout the city streets, and the faces of Chinese stars like Zhang Ziyi and Fan Bingbing adorn commercial banners – the latest branding experiment for developers.