Divergence key theme of property market
project being built by Dalian Wanda Group Co Ltd, China’s largest commercial property developer, which claims that the massive complex will cost more than 30 billion yuan ($4.8 billion).
A giant electronic screen hanging from the ceiling in the center of the showroom plays programs that draw comparison to projects in Manhattan, the Central district of Hong Kong and the Ginza in Tokyo. On the screen are digital renderings of the gigantic project, which will eventually have office towers, apartments and villas, exhibition centers, a theme park, cinema chains and an artificial lake.
“The provincial government’s headquarters will move near here and a new subway line will run through. Soon, the price is going to rise,” a saleswoman told a visiting couple.
a microcosm of how the hinterland city is navigating the national property downturn. The Wanda Cultural Tourism City, as the project was named, alone sold 6.8 billion yuan worth of housing last year, according to the China Index Academy, a division of SouFunHoldings Ltd.
That sales figure put it in the top 10 nationwide, according to the academy. Eight of the 10