Posted on 11/12/2009 3:00:05 PM PST by Mr. Jeeves
The property market in Shanghai seems to be revving up again stoking fears of an impending price rise, going by the record sales price of an apartment in the expensive but much sought after Tomson Riviera.
According to data from Shanghai Real Estate Trading Center (SRETC), the 600-sq-m luxury apartment has been sold for a whopping 96.09 million yuan ($13.3 million) – at 160,848 yuan per sq m – a new record for luxury homes. It also represents a 13-percent increase over the February 2007 sale of a similar apartment.
Confirming the development, Li Qing, a manager at Tomson Riviera, said the record price was primarily due to the higher location of the apartment.
“This is just a single case and we don’t want to elaborate too much on the sale price,” said Li, refusing to disclose the buyer’s identity. With this, the number of apartments sold in Tomson Riviera has reached 42, according to SRETC data.
(Excerpt) Read more at asialynx.com ...
I wonder how long will it take to "conservatives" on this forum to blame Goldman Sachs and the Fed for this bubble.
Anyone know of some Chinese REIT ADRs? Shortable?
Sorry I am so late. The Fed caused is financing this bubble with the carry trade, although China's stimulus money is providing the down payments. The evidence is the bubble economy currencies appreciating while the dollar is dropping. The Aussie rates are rising while ours are holding ridiculously low.
The bubble will crash, the carry trade will unwind (perhaps in reverse order), the dollar will soar, the speculators will default and the world economy will take yet another hit.
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