Shanghai Luxury Properties Panic for Discount Sale as Wealthy People Prepare to Flee

Started by Epoch-Times-Bot, Dec 15, 2022, 01:00 PM

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Epoch-Times-Bot

Dec 15, 2022, 01:00 PM
Shanghai Luxury Properties Panic for Discount Sale as Wealthy People Prepare to Flee

In the face of the economic downturn and China's tough anti-COVID campaign, Chinese wealthy people are scrambling to flee the country, selling their luxury homes in Shanghai and other first-tier cities at steep discounts and cutting their shares in listed companies to cash out.
According to Shanghai property media, since October, local secondhand luxury properties plunged into a wave of listing-for-sale: deals of more than $3.5 million continued to rise, reaching the highest sales in October, with 28 units sold in the week from Oct. 31 to Nov. 6.
On the South Zhongshan Road and the Bund, areas notable as "Oriental Wall Street," luxury houses for sale under the agency Greentown Huangpu Bay have recently increased by about 30 percent compared to months prior....

Source: Shanghai Luxury Properties Panic for Discount Sale as Wealthy People Prepare to Flee

xenzol

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Aug 24, 2024, 10:43 AM
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