The South China Morning Post reports today on the toll the tumultuous stock market has taken Shanghai’s luxury real estate. Since its mid-June peak, the Shanghai Composite Index has dropped nearly 40%, wiping away trillions of dollars of wealth. The Shanghai high-end home sector has mirrored this plunge over this past month, with property sales down almost 39%. Units sold above 100,000 yuan (about US$15,700) per square meter slid to 33 last month from 54 in July and a record high of 91 in June, according to data from Dooioo Homelink. The consultancy’s head of research, Lu Qilin, said: “If the stock market fails to rebound, the luxury housing market is unlikely to bounce back soon.”
More: Shanghai and Beijing Dominate Luxury Sales in China September and October represent a peak selling season for the Shanghai luxury home market but continued turmoil in the stock market could cloud these traditionally “golden” months. [South China Morning Post] (Paid)