Di­ver­gence key theme of prop­erty mar­ket

China Daily (Canada) - - FRONT PAGE -

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.

The bustling

scene

is

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

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.