China stimulus lifts property sentiment in higher-tier cities; some question durability
Growth in new home transactions during the holiday period was especially pronounced in Beijing, Guangzhou and Shenzhen
On a quiet Wednesday afternoon in Jiuxianqiao, a neighbourhood just outside Beijing’s Fourth Ring Road, the streets were calm, with barely a car in sight. Inside a kerbside sales office, however, staff bustled about, serving desserts and drinks as clients streamed in, eager to place their bids on Oriental Courtyard, a new luxury apartment complex that is set to launch later this month.
“Over 400 groups of clients have already placed a bid, which means we’re oversubscribed. Some paid deposits of as much as 200,000 yuan,” Zhou told the Post. The deposit will be refunded to the buyer’s account within 30 days if they are unable to purchase a home, he added.
One of the main reasons that Oriental Courtyard is appealing is that a new project hasn’t launched in this prime area in a long time, making it a “rare and valuable” core asset, according to Zhou.
“But the more important thing is that people are regaining confidence after the country’s ‘missile-like’ stimulus package in September,” he noted.
