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China's real estate sector has entered an obvious adjustment period as more and more cities are witnessing price drops. Among 70 major cities, eight saw month-on-month price declines in the new-home market in April, double that for March, the National Bureau of Statistics said in a statement on May 18.
In addition to an increase in the government's subsidized housing and the oversupply in some smaller cities, banks' unwillingness to offer mortgages to home buyers is another major reason for the cool-down in the real estate sector, according to Huang Jinlao, vice-president of Huaxia Bank.Developers are trying all out to sell properties, including showing photos of their sales offices at online forums to attract possible buyers. Let's review the nine most luxurious ones.
No 1 Galaxy SOHO
The average price at Galaxy SOHO, located in Beijing, is 74,600 yuan per square meter, according to Soufun.com. The building was finished in 2012 and only second-hand units are available on the market now.
No 2 Unknown sales center in Jinan, Shandong province
A property sales center in Jinan, capital of East China's Shandong province, featured two horses on the opening ceremony of sales on Sept 20, 2013. The horses, which were said to be worth 10 million yuan, hit the headline, but the name of the property was not mentioned.
No 3 Wanda Plaza
Average price for the Wanda Plaza in Lanzhou, capital of Gansu province is 17,000 yuan per square meter according to Soufun.com. Buyers may be able to move into this building in the second half of 2015.
No 4 Window of Greenland
The sales price of the Window of Greenland in Nanjing, capital of East China's Jiangsu province is predicted to be 16,000 yuan per square meter, according to xf.house.163.com. Greenland Group is expected to sell properties in June this year.
No 5 Ying'en Mansion
The houses of Ying'en Mansion located in the city of Shaoxing, East China's Zhejiang province, are being sold at 9,900 yuan per square meters, less than 11,500 yuan, the deal price on Jan 20, 2014, according to Soufun.com.
No 6 Chanel Mansion
Price for Chanel Mansion in Southwest China's Chongqing municipality is 15,800 yuan, almost twice the average price of the Yubei district, which is 7,776 yuan per square meter, according to Soufun.com.It is expected that the buyers will be able move in to new home by the end of 2016.
No 7 Future City
Future City is a community developed by Chongqing Yu'neng Wanyi Property Developing Company.All the new properties of this community have already been sold out. The average price of previously-owned apartments in this community this month is 8,599 yuan per square meter, according to Soufun.com.
No 8 The Arc of Triumph, China Resources
Average price of an apartment in The Arc of Triumph community is 8,600 yuan per square meter, according to Soufun.com. Buyers are expected to be given the key in July this year.The community is located in coastal city Rizhao in East China's Shandong province.
No 9 Jinyu Huafu Complex
Average price of the villa-style Jinyu Huafu Complex in the city of Linfen, North China's Shanxi province, was 6,150 yuan per square meter on April 1 2014, according to Tencent's qq.com. The properties at this complex are expected to be handed over to buyers in June 2015.Linfen is a major city in the coal-rich Shanxi province. The province saw its GDP grow 5.5 percent in the first quarter of this year, the third slowest nationwide.
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