Swire Properties said 94 per cent of the units at a residential project in Shanghai were sold on Monday, an indication of improved sentiment after Chinese authorities introduced tax breaks for larger homes and eased restrictions on buying property.
Lujiazui Taikoo Yuan Residences, a project located next to Shanghai’s Huangpu River, was co-developed by Swire Properties and Lujiazui Group. Swire said 47 out of 50 units that were put on the market on Monday were snapped up by buyers.
It is the first foray for Swire, one of Hong Kong’s oldest and largest builders of luxury homes and grade A offices, into the residential development market on the mainland.
The flats, ranging in size from 278 square metres and 388 square metres, are located in two towers and the average price was 58 million yuan (US$8 million) per unit, or 169,800 yuan per square metre.
Two exclusive penthouses spanning about 557 square metres and 745 square metres were also on sale.
Source: SCMP
