Bund House, a residential development in central Shanghai, got a pleasant surprise when it put a block of luxury apartments on the market last August. All 88 units sold on the first day for an average price of more than RMB16m ($2.3m).
“It shows how hot the market is,” says Michael Klibaner, head of research at Jones Lang LaSalle in Shanghai.
So far this year, Bund House has sold only 32 apartments but this time round the prices are about 50 per cent higher. The second batch of units is almost identical to the first, except that they have better views of Huangpu River.
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