China’s Luxury Property Market

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China’s Exchange Rates for Property Market

The latest Greater China Property Market report from Knight Frank reveals that the supply of luxury residential properties fell over 30% in Beijing quarter on quarter during the first part of 2013.

This is traditionally the quiet part of the year for high end transactions in the city and subsequently luxury residential sales went on to hit a new high in March compared to the previous two years.

With an increase in supply expected to follow, the second quarter is predicted by some to produce some very healthy figures indeed.

However, other analysts point to the fact that the central government in China is implementing further tightening measures, with tougher control policies already having come into play at the end of March.

Some of the increase in sales could be attributed to a certain level of panic in the market for those looking to buy and sell. This could have been responsible for the resulting rapid rise in transaction volumes, and many commentators feel there will be a corresponding slowdown in growth in the luxury sector during the rest of the year.

The rest of the country paints a similarly conflicting picture. In Guangzhou luxury residential supply fell by 8.6% quarter on quarter but sales increased significantly by 46% over the same period.

In Shanghai, new luxury home supply increased by 67% in terms of square meter availability and sales hit a new high for the last six months. Major development projects such as The Eight in Putuo District and The View in Hongkou District saw an increase in sales in the run up to the new government measures coming into force.

The commercial market is not subjected to the same restrictions as those being applied to home purchases, which means the focus for overseas investment is likely to move onto the sector.

Anyone interested in transferring money to China should remember that travel money exchange rates quoted by banks are usually worse than those available through specialist currency dealers.

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A Look at China’s Luxury Property Market

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