In spite of a troubled property market across the country, the luxury sector in Shanghai manages to defy the downtrend
A correction, following nearly two years of growth, was a warning to wealthy local investors who believed that homes worth at least 30 million yuan (US$4.2 million) would always be good buys.
“The luxury housing segment, particularly lived-in homes, should have run out of steam because some buyers are no longer convinced of their investment value,” said You Liangzhou, owner of Shanghai property agency Baonuo. “Wealthy investors mainly look at newly built units in the city’s prime locations while shunning those pre-owned homes.”
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