Daily News and Transactions across Greater China from Knight Frank
Socam banks on year-round luxury in Shanghai
May 24, 2012
Hong Kong-listed developer Socam (0983.HK) is hoping to reverse the decline in luxury residential prices in Shanghai when it offers its serviced apartments at Four Seasons Place in 21st Century Tower in Pudong for sale next quarter, the only serviced apartments managed by the Four Seasons Hotel Group in Shanghai.
It would go on sale at prices of up to RMB140,000 per sq m. That would put price tags on the flats, which range in size from 149 to 325 sq m, of RMB21-45.5 million each.
Knight Frank said the average luxury home price in Shanghai began falling in the final quarter of last year and by the end of the quarter were down 5% on the previous quarter at RMB50,284 per sq m.
Knight Frank Greater China Property Market News Summary