Hot Shanghai property market defies national slump as luxury units sell quickly
Shanghai's high-end property market continues to buck the national downturn, with deep-pocketed buyers pouring capital into top-tier homes that are seen as value-preserving assets despite economic uncertainty, analysts said.
Buyers snapped up all 64 units offered at One Central Park, a luxury development in the city's core Huangpu district, on Wednesday, spending 4 billion yuan (US$556 million).
Developed by Sunac China Holdings, Citic Group and Xinhu Group, the project is located in the city's Xintiandi shopping and entertainment area. The flats in the sale were priced at an average of 185,000 yuan per square metre (10.8 sq ft). The largest duplex sold for more than 246,000 yuan per square metre, making it one of the most expensive residences sold in the city this year in per-metre terms.
The two earlier rounds at One Central Park also sold out within hours, and the project's year-to-date sales have exceeded 10.8 billion yuan, making it the first residential project in China to surpass 10 billion yuan in 2025.
The sale on Wednesday, which included flats between 300 and 1,000 square metres, was nearly triple-subscribed during the registration period, triggering a points-based allocation system designed to curb speculative buying – the first such case in central Shanghai this year. The developer said it planned to launch the fourth phase of the project, focused on high-floor units, in June at the earliest.
Luxury home sales have shown sustained strength across the city. New home prices in Shanghai rose in April and May, outpacing national averages, according to Centaline Property.
Last week, new-home sales in Shanghai rose 72 per cent from the previous week, while average prices surged 49 per cent to a record 107,746 yuan per square metre, Centaline data showed. Buoying the figures, premium projects including Swire Properties' Lujiazui Taikoo Yuan Residences and Greentown China's Symphony Shanghai all sold out quickly on their launch days, Centaline said.
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