Prospective homebuyers enticed off sidelines in Shenzhen after Beijing picks it as new special economic zone
- Total new-home sales jumped 10 per cent last weekend
- Homebuyers hope city’s new special status will translate into a big run-up in their investment
Home sales jumped suddenly in Shenzhen, after Beijing announced it had picked the southern city as a new special economic zone to carry out wide-ranging reforms in medical, legal and other sectors.
Last weekend – the first after Beijing’s announcement on August 21 – total new home sales jumped 10 per cent from the previous weekend, with 173 flats sold.
“It’s been quite vibrant since last weekend, as home seekers who used to be hesitant are actively coming to us and asking about available homes,” said Xu Xingchun, a property broker based in Nanshan, where tech giants including Tencent, ZTE and drone-maker DJI are located.
Homebuyers are betting that the gift for the city will eventually translate into a handsome profit on their investment.
The boost for Shenzhen comes as homebuying throughout China has cooled, with China’s top 100 developers reporting an average fall of 29 per cent in contracted new home sales in July.
