Just as the Chinese government is trying to rein in soaring house prices a real estate developer in Beijing has unveiled what Chinese media report is by far the most expensive apartment ever built in the country.
The luxury penthouse apartment of more than 1,000 sq m is on sale for Rmb300,000 per sq m, or a total price tag of more than Rmb300m ($46.2m), according to an unnamed representative of the developer, quoted in Chinese media.
Ironically, the luxury residence is located right next to the Diaoyutai State Guest House, the official compound in western Beijing where Madame Mao and the other members of the ultra-leftist “Gang of Four” established their headquarters during the upheaval of the Cultural Revolution (1966-1976).
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