A Shanghai project of Sunac China (1918) sold out in a single day, reaping nearly 10 billion yuan (HK$10.8 billion) for the developer in another rare bit of good news for the lackluster mainland property market.
The project, phase two of the luxury One Sino Park in the south of the Bund in Huangpu, saw 204 units put on the market at an average price of 168,000 yuan per square meter.
The selloff marked the second-highest sales turnover by one single project in Shanghai this year.
A limited supply of luxury homes in the prime location contributed to the sale.
During the subscription phase, the project has been booked by over 350 groups of buyers, according to Sunac.
The luxury market in the city is also showing other signs of resilience.
Last week, a house with a garden in Jing'an district was sold off for 310 million yuan, or one million yuan per square meter, a new record high for the city.
The success of One Sino Park could be a milestone for Sunac.
The embattled developer got 12 billion yuan from seven financial institutions to save the project at the end of 2022 at the price of diluting its stake to just 10.32 percent from total ownership.
However, it is hard to tell if the prime location of One Sino Park makes its selloff unique.
While primary-market home prices in Shanghai rose 4.3 percent yearly last month, those in 70 major mainland cities were estimated to have slumped 2.2 percent, acclerating from February's 1.4 percent and marking a drop for eight consecutive months.
Further afield, some mainlanders are using the opportunity offered up by yen weakness to buy properties in Japan.
The mainland media reported that some Chinese were carrying cash to Japan to buy up homes, with Tokyo's Olympic Village in their sights when the yuan hit 21.4 against the yen on Tuesday, its highest mark in 31 years.
In other news, Landsea Green Management (0106) said it had missed out repaying a US$96 million (HK$749 million) bond due Saturday, blaming it on the downturn in the mainland property market.
Also, Fantasia (1777) said the deadline for a proposed restructuring of its offshore debts is further extended to Wednesday.
All 204 Bund southside units put on the market at One Sino Park were snapped up in one day.
