Shanghai flats sell like hot cakes

CK Asset (1113) sold 181 units of its residential project in Shanghai in two hours, cashing in over 800 million yuan (HK$880 million).

Located in Jiading district, a historical suburban area in Shanghai, the project named Lake Como is claimed to be one of Shanghai's rarest lakeside residential complexes.

It is reported that the highest price per square foot was recorded at around 56,000 yuan per square meter or HK$5,700 per square foot.

It comes as a survey by People's Bank of China, the country's central bank, found out that only 16 percent of mainlanders are interested in buying homes in the next three months, down from 17.1 percent in the third quarter.

Of the 20,000 depositors surveyed across China, only 14 percent expected home prices to rise next quarter, marking a fresh low data since 2010, whereas 18.5 percent expected home prices to fall, the highest proportion since 2012.

Meanwhile, the share price of China Resources Land (1109) fell 1 percent yesterday after it said it would splash 12.4 billion yuan to buy four units from the heavily indebted China Fortune Land, while Citi reiterated it is worth investing in mainland developers.

Karen Ng