Published: 18:48, April 17, 2020 | Updated: 04:31, June 6, 2023
Shenzhen property market showing signs of recovery
By Chai Hua

SHENZHEN-With the spread of the coronavirus slowing down in China, property prices have been rising in Shenzhen, leading the way for first-tier Chinese cities.

Real estate agency Centaline Property data reveals that the asking prices of 50 percent of second-hand flats in Shenzhen were rising week by week in early April; the highest increase was 2.69 percent in Nanshan district.

The average price of existing apartments was 59,272 yuan from April 6 to 12, up by 0.38 percent over a week before.

Transactions are also increasing and even recorded higher amounts than levels before the coronavirus outbreak. Centaline’s data indicates the trading volume of resold homes surged by 59.11 percent year on year to 8,008 units in March.

New-home prices in Shenzhen rose 0.5 percent in March, while Shanghai saw an upturn of 0.1 percent, and those in Beijing remained unchanged, according to data from the National Bureau of Statistics (NBS).

The NBS also recorded Shenzhen’s second-hand home prices last month were up by 1.6 percent - five times more than the average rate of increase in Shanghai, Beijing and Guangzhou.

One of the most sought-after complexes is luxury apartment “Bayhouse” near Shenzhen Bay. On April 5, it released 54 apartments at an average price of 42 million yuan; all were snapped up in less than four hours.

However, Sun Bushu, deputy director of the South China City Research Association, found popular property projects concentrate on the west side of the city, while the prices of some homes in the east are falling.

He said this shows that purchasing power now is still not strong enough.