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China property: a US$677 million bad debt sale comes with 75 ultra-luxury homes in Beijing … a good deal or not?
- The flats in Wanliu House, an exclusive development recently made famous by a viral clip, are available as a bundle that forms the collateral for a bad debt sale
- It provides a rare opportunity to turn a quick profit by reselling them individually, but is not without its risks, analysts say
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Elise Makin Beijing
When a mystery teenager posted a video of himself playing basketball at his home earlier this year, intrigued internet users were quick to notice he lived in Wanliu House, an ultra-luxury residence in downtown Beijing behind high walls that only a few had previously glimpsed.
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The anonymous clip quickly became an internet sensation – not because of the basketball skills on display, but rather the setting. The exclusive development was already known to some in Beijing after a foreclosed unit on the top floor sold for a record 109 million yuan (US$15.7 million) a year ago after 117 rounds of bidding pushed the price to twice the original valuation.
People online were keen to know more about the boy dubbed “Wanliu Young Master” and his high-end surroundings. They shared the video, sparking further discussion and curiosity, and before long Wanliu House was famous beyond the city.
Sitting in the heart of the Haidian district, with prestigious schools nearby, homes in the super-luxury project are a rarity on the second-hand market.
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But now, 75 of them are available, as a bundle that will form the collateral for a bad debt sale. The prospect has excited investors and market observers.
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