CHONGQING, China, May 6, 2016 /PRNewswire/ -- Sunshine 100 Himalaya, a real estate project by Sunshine 100 and one of the representative high-end residential compounds in Chongqing, recorded sales of more than 30 apartments within just two days over the May 1 holiday, figures never previously seen in the past three years.
With the best scenic location in Chongqing, premier services provided by Italian Tonino Lamborghini hotel, and a top business club worth RMB200 million, Himalaya witnessed an explosion in the market indicative of the high-end property purchasing trend that has recently begun spreading to China's southwestern cities.
The boom of the property market in first-tier cities in China has been sustained since the beginning of 2016, and in view of Chongqing's upside potential in terms of value and the inherent risks in first-tier cities, investors who used to focus on first-tier cities have started turning their attention to top properties in Chongqing, one of the four municipalities administered by the central government.
Mr. Lin, who purchased a property this time, said that one in a similar location in Beijing or Shanghai would cost him RMB200,000 per square meter, while the unit cost in Chongqing is only RMB40,000.
Good news has continued to emerge from the Chongqing market, such as the launch of Sino-Singapore projects, the free trade zone, the bonded harbor, and the airport expansion project, all contributing to a price premium in the future.
At the same time, as first-tier cities have begun to enforce a series of purchase restriction policies since the latter half of March, purchasers with various objectives have begun to take action, further escalating the risks hidden in the property market in first-tier cities.
As a result, more and more investors are escaping from Beijing, Shanghai and Guangzhou, and are rushing to purchase properties in Chongqing, which are of higher potential value.
Commenting on his recent purchase in the Himalaya project, one buyer from Shanghai said, "Maybe more buildings will rise in the future. However, a building in this location is simply not duplicable. For this reason, I deeply believe it has great value potential in the future."
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SOURCE Sunshine 100 Himalaya