Reported 8 months ago
In Shanghai, China's wealthy individuals are investing millions in luxury properties, with a $15 million penthouse selling within hours of listing. Over 200 homes priced around $5 million were sold in a day and $3.8 million apartments were five times oversubscribed. Shanghai, a bright spot in China's struggling real estate sector, continues to attract buyers due to its financial hub status, scarcity of luxury homes, and discounted prices. While other Chinese cities face challenges in property transactions, Shanghai's market is thriving, with sales of high-end residences seeing a significant increase in the first five months of 2024.
Source: YAHOO