Savills World Research Shanghai
Briefing Residential sales February 2015
Image: Citic Monarch, Xuhui SUMMARY 2014 ended on a high note as sales volumes in the first- and second-hand markets roared back to life and pricing levels stabilised.
New commodity residential supply QoQ on an index basis to an average of With transaction volumes on the rise increased 21.4% quarter-on-quarter RMB68,100 per sq m in Q4/2014. and lower borrowing costs, Shanghai’s (QoQ) to 3.9 million sq m, while residential transaction prices are expected transaction volumes increased 65.1% 30 land plots were transacted in to continue to see moderate increases. QoQ, totalling 3.5 million sq m. Q4/2014, totalling nearly 3.7 million sq m of buildable area, an increase of 25.9% First-hand residential transaction QoQ. “Shanghai is expected to prices increased by 6.5% QoQ, averaging RMB28,600 per sq m in Q4/2014. Average accommodation value (AV) follow the central government’s reached over RMB15,000 per sq m in First-hand, high-end apartment supply Q4/2014, up from RMB9,100 per sq m lead by concentrating on long fell 34.8% QoQ to 171,200 sq m, with in Q3/2014, a new high for the Shanghai term regulatory improvements only 759 units added to the sales market. market. High-end apartment transaction volumes rather than only on short- increased 76% QoQ to 302,300 sq m. Average premium over the reserve price in Q4/2014 reached 34.3%, up from term supportive measures.” First-hand, high-end apartment an average of 31.6% in Q3/2014. transaction prices rebounded by 1.4% James Macdonald, Savills Research
savills.com.cn/research 01 Briefing |Shanghai residential sales February 2015
Market overview GRAPH 1 Despite a slow start to the year Base lending rate
and a tough mid-year period when 6 mth to 1 yr more than 5 yr residential prices in China started 8.0% to fall, the Chinese and Shanghai 7.5% residential markets rebounded
towards the end of 2014. Sentiment 7.0% was improved by a series of measures to support demand in 6.5% the market as well as developers proactively reducing unsold inventory 6.0% levels through sales campaigns 5.5% which helped to kick start transaction
volumes. Sales in the first-hand 5.0% commodity market increased 65% QoQ and by 60% QoQ in the second-hand market. Source: People's Bank of China, Savills Research GRAPH 2 Unsold inventory levels in the market First-hand commodity residential market supply, continued to rise in 2014 as supply outstripped demand by 2.7 million sq transactions and prices Q1/2006–Q4/2014 m. Despite this, first-hand transaction Supply (LHS) Transaction volume (LHS) Average transaction price (RHS) 7 35,000 prices recorded an un-weighted increase of 12.6% year-on-year (YoY) 6 30,000 reaching RMB27,200 per sq m for the average of the year. 5 25,000 RMB per sq m sq per RMB
Market news 4 20,000 Shanghai eased definition of 3 15,000
ordinary housing million sq m 2 10,000 Shanghai, following Beijing, relaxed
definitions of ordinary houses in 1 5,000 November 2014, the first revision
since March 2012, allowing more 0 0 homebuyers to enjoy preferential Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2006 2007 2008 2009 2010 2011 2012 2013 2014 mortgage rates and lower taxes. Source: Shanghai Real Estate Transaction Centre, Savills Research
TABLE 1 Key policies impacting the residential market, 2014
Time Brief Description Issued by
Jan Localisation of housing policies Central government
Feb One-child policy relaxed Shanghai Commission of Health and Family Planning
Apr Joint-ownership housing units trial in six cities including Shanghai Ministry of Housing and Urban-Rural Development (MOHURD)
May Five supporting measures. Mortgage priority to first-home buyers People's Bank of China (PBOC) Greater autonomy for local government to set annual land supply May Ministry of Land and Resources levels House purchase restrictions (HPR) cancelled or relaxed in many cities Jun Local governments (but not Shanghai) Reverse mortgage trial for citizens aged above 60 years old in four Jun MOHURD cities including Shanghai Shanghai relaxes rules on Housing Provident Fund withdrawal for Aug Shanghai government rental & property management payment Second-home buyers with no outstanding mortgages treated as first Sep PBOC house purchasers for mortgage purposes
Nov Shanghai relaxes definition of ordinary housing Shanghai Housing Bureau
Nov PBOC cuts interest rates by 40 bps PBOC
Nov Shanghai lowers HPF loan rate by 25 bps Shanghai Housing Provident Fund Centre
Dec Provisional regulation on real estate registration Central government
02 Briefing |Shanghai residential sales February 2015
Old criteria 1, 2015. Q4/2014 to 3.5 million sq m, but New criteria Ring roads (RMB remained down 4.7% YoY. The final (RMB million) million) All governments above county level burst of activity brought annual Within Inner 3.3 4.5 will designate special departments transaction volumes to 9.8 million sq Between inner 2.0 3.1 for registration in their areas and m, down 23.9% YoY. and outer follow instructions from higher Outside outer 1.6 2.3 governments. All real assets will be First-hand transaction prices Other criteria remain the same as the subject to this set of rules, including averaged RMB28,600 per sq m in previous, namely: collective ownership of land, Q4/2014, up 6.5% QoQ, a new high - Residential building should be no ownership of buildings and forests, for the Shanghai market. less than five storeys, or any old-style contracted land management rights, apartments. and rights to the use of construction With supply continuing to outstrip - Unit size below 140 sq m land, homesteads and maritime demand in 2014, unsold first-hand - Transaction price per sq m is areas. residential inventory levels reached required to be less than 1.44 times new highs of 13.4 million sq m with the average price of comparable The statement allows authorities more than 92,200 new units on the properties of the same class of land. three years to fully establish a unified sales market at the end of the year. registration system for the real estate This represents an increase of 3.6 PBOC cuts interest rates industry, and about four years to million sq m from a year earlier when PBOC cut interest rates in November run a unified registration information unsold inventory was just 9.8 million 2014, after more than two years management platform. sq m. since the last revision in July 2012. While an increase in transactional The five-year benchmark lending This is a major step forward for rate fell 40 basis points (bps) from the real estate market in China, GRAPH 3 6.55% to 6.15% while the one-year encouraging better record keeping, 3 lending rate fell 40 bps to 5.6% and market transparency, and laying the First-hand market inventory and the one-year deposit rate fell 25 bps foundations for more comprehensive digestion period, Jan 2008–Dec 2014
to 2.75%. The reduction in rates is and enforceable tax collection and Unsold inventory (LHS) Digestion period (RHS) primarily focused on supporting the policy implementation. 14 14 overall economy but has already, 12 12 along with other policies, had a big Overall commodity1
impact in the real estate market, residential market 10 10 attracting buyers back to the market Despite a slow start to the year, sales
and giving developers a bit more volumes witnessed a significant pick- 8 8 months breathing space. up in the fourth quarter, benefitting 6 6 from supportive measures, interest million sq m
China issued provisional regulation rate reductions and seasonal factors. 4 4 on real estate registration Commodity residential transaction The State Council, China's Cabinet, volumes increased by 65.1% in 2 2 issued provisional regulations on real 1 Commodity housing excludes residential proper- 0 0 estate registration in December 2014. ties designated for relocated residents under Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 urban redevelopment plans, as well as economical The regulations will take effect March housing. Source: Shanghai Real Estate Transaction Centre, Savills Research 3Includes both commodity and economical housing. TABLE 2 First-hand commodity residential market by property type, Q4/2014
Supply Transactions Average price Price index2
(Dec 2010 = sq m QoQ (%) sq m QoQ (%) RMB per sq m QoQ (%) QoQ (%) 100) Apartment 3,550,600 +20.4 3,094,600 +66.7 28,200 +7.3 - - Villa 373,400 +32.7 406,500 +53.8 31,300 +2.2 - - Overall 3,924,100 +21.4 3,501,100 +65.1 28,600 +6.5 118.6 -1.5 Source: Shanghai Real Estate Transaction Centre, National Bureau of Statistics, Savills Research 2This price index is based on 70 main city house indices published by NBS. TABLE 3 First-hand commodity residential market by property type, FY2014
Supply Transactions Average price
million sq m YoY (%) million sq m YoY (%) RMB per sq m YoY (%) Apartment 11.1 +7.4 8.6 -24.9 26,600 +13.0 Villa 1.3 +0.3 1.1 -15.6 31,200 +8.3 Overall 12.4 +6.6 9.8 -23.9 27,200 +12.6 Source: Shanghai Real Estate Transaction Centre, Savills Research
savills.com.cn/research 03 Briefing |Shanghai residential sales February 2015
activity towards the end of 2014 is also hit a new record of RMB22,700 Project focus encouraging, the volume of unsold per sq m, up 8.9% QoQ and 17.1% Citic Monarch (中信君廷名邸) inventory remains one of the key YoY. All districts in Shanghai saw concerns for the market. price increases except Chongming (-2.3%), with the biggest growth rate Second-hand residential transaction seen in Minhang district, partially volumes picked up after three resulting from some luxury villa consecutive quarters of decreases, transactions, such as Greentown totalling 4.3 million sq m in Rose Garden and Vanke Rancho Q4/2014. Transactions in non-core Santa Fe. districts accounted for 53% of total transaction volumes, continuing High-end residential an upward trend seen since the sales market beginning of 2014. First-hand high-end apartment supply fell 34.8% QoQ to 171,200 Located to the south of the Similar to the first-hand mass market sq m. New stock was primarily in the intersection between Longhua Road performance, the average transaction form of later phases or new batches and Wanping Road (S) in Xuhui prices in the second-hand market of existing projects, putting an Riverside, Citic Monarch is a brand additional 759 units on to the market. new, high-end apartment complex developed by CITIC Real Estate. The GRAPH 4 New high-end apartment transaction project enjoys convenient access 4 Second-hand residential sales market volumes surged 76% QoQ to to the Inner Ring Road and is less transactions and prices, Q1/2007– 302,300 sq m in Q4/2014, on a than 10 minutes’ walk to both the Q4/2014 par with the previous sales peak Longhua Road (M) metro station (Line in Q4/2013. Transaction prices 7) and the Longhua metro station Core district transaction volume (LHS) Non-core district transaction volume (LHS) Fringe district transaction volume (LHS) Overall average price (RHS) rebounded by 1.4% QoQ on an index (Line 11 and future Line 12). Core district price (RHS) Non-core district price (RHS) Fringe district price (RHS) basis to an average of RMB68,100 8 40,000 per sq m by the end of 2014. Covering a site area of 33,800 sq m, 7 35,000 Citic Monarch comprises six, 18- to 6 30,000 Despite a tough market this year, 26-storey residential buildings and RMB per sq m sq per RMB 5 25,000 Shanghai has twice broken the one, two-storey retail building. The
4 20,000 record for most expensive apartment project predominantly offers three by price per sq m. In November, a bedroom units (160-180 sq m) and
million sq m 3 15,000 485.1 sq m duplex penthouse unit four bedroom units (200 sq m). 2 10,000 was sold for a total consideration 1 5,000 of RMB117.5 million, representing The project launched 295 residential
0 0 RMB242,200 per sq m and breaking units in early 2014, adding more than Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 the previous record set in April 52,500 sq m onto the sales market. 2007 2008 2009 2010 2011 2012 2013 2014 2014 by a unit in Tomson Riviera Source: Shanghai Real Estate Transaction Centre, Savills Research 48 units were recorded as sold by 4Core districts: Changqing, Jing'an, Xuhui and Huangpu. (RMB231,700 per sq m). the end of 2014, with transaction Non-core districts: Hongkou, Putuo, Zhabei, Yangpu and Pudong (including Nanhui) Town, Sanlin, prices averaging RMB62,000 per sq Fringe: Baoshan, Fengxian, Chongming, Jinshan, Qingpu and Songjiang. m. Current asking prices start from GRAPH 5 RMB70,000 per sq m. First-hand high-end apartment TABLE 4 5 market transactions and prices, Second-hand residential market by property type, Q4/2014 Q1/2005–Q4/2014 Primary area transaction volume (LHS) Secondary area transaction volume (LHS) Emerging area transaction volume (LHS) Primary area price index (RHS) Transactions Average transaction price Secondary area price index (RHS) Emerging area price index (RHS) 350,000 350 sq m QoQ (%) RMB per sq m QoQ (%)
300,000 300 Apartment 4,096,000 +61.7 22,500 +9.4
250,000 250 Villa 193,100 +25.7 26,500 +6.0 Overall 4,289,100 +59.7 22,700 +8.9 200,000 200 Source: Shanghai Real Estate Transaction Center, Savills Research sq m 150,000 150 TABLE 5 100,000 100 Second-hand residential market by property type, FY2014 50,000 50
0 0 Transactions Average transaction price Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 million sq m YoY (%) RMB per sq m YoY (%) Source: Shanghai Real Estate Transaction Centre, Savills Research 5Primary: Well-established luxury residential enclaves within the inner ring road ( Huaihai Road (M), Apartment 12.7 -36.6 21,000 +17.7 Lujiazui Riverside, Xinhua Road, etc). Villa 0.7 -29.2 25,400 +7.1 Secondary: Developing high-end residential enclaves within the middle ring road (Huamu, Dapuqiao, Gubei, etc). Overall 13.4 -36.2 21,300 +17.2 Emerging: Emerging high-end residential enclaves outside the middle ring road (New Jiangwan Source: Shanghai Real Estate Transaction Center, Savills Research Town, Sanlin, Waigaoqiao, etc).
04 Briefing | Shanghai residential sales February 2015
The project also offers a 2,000-sq m recording high accommodation The Yango Group acquired a clubhouse providing residents with a values (AV) or total considerations. A residential land plot in Pingliang range of facilities including a heated total of 30 land plots were transacted Jiedao in Yangpu district for a total indoor swimming pool and gym. in Q4/2014, totalling nearly 3.7 million consideration of RMB2.1 billion, a Fully-fitted units are expected to be sq m of buildable area, an increase premium of 61.4% over the reserve handed over at the end of 2015. of 25.9% QoQ. For the full year, price. This represented an AV of 89 plots were transacted, with a RMB41,100 per sq m, a historical Xuhui Riverside, on the west bank buildable area of 9.6 million sq m, for new high for this district over the of the Huangpu River, has seen a RMB54.9 billion. past ten years. The acquisition tremendous amount of development was concluded after 314 rounds over the last two to three years, AV averaged over RMB15,000 per of bidding, with many well-known though the district has attempted to sq m in Q4/2014, up from RMB9,100 developers participating, including maintain ample green spaces. The per sq m in Q3/2014, a new high for Poly Real Estate, CR Land, Gemdale, area has already attracted many well- the Shanghai residential land market. CMPD and BCL. Currently, the known developers such as SIUD, Average premium over the reserve transaction prices of new, high-end China Overseas, Greenland, Glorious price in the fourth quarter reached apartments in the surrounding area and Poly. The area will also be home 34.3%, an increase of 2.7 percentage average RMB60,000 per sq m. to Oriental Dream Works and directly points (ppts) QoQ. opposite a massive transformation of December 24 and 25 also witnessed the Pudong riverfront. The fourth quarter witnessed a the release of 16 residential land new ‘land king’ in Shanghai in plots, including a number of plots Second-hand high-end apartment terms of total consideration paid. in Qiantan that recorded high transaction volumes recorded a China Minsheng Investment bought moderate increase of 36.1% QoQ. a mixed-use development site While growth was slower than the in the Dongjiadu area for a total GRAPH 6 first-hand market, as procedures consideration of RMB24.85 billion, Second-hand, high-end apartment and taxes can prove to be time beating the previous record set market6 transactions and price index, consuming, several high-end by Sun Hung Kai Properties in Q1/2006–Q4/2014 apartment projects in prime locations September 2013 when they acquired Transaction volume (LHS) Price index (RHS) recorded a significant pick-up in their Xujiahui plot for RMB21.77 120,000 300 sales. The Lakeville Regency (phase billion. This represented an AV of I, II, III), located in the Xintiandi area, RMB35,400 per sq m and a premium 100,000 250 recorded the sale of 40 apartment of 0.2% over the reserve price.
units in Q4/2014, compared with only Covering a site area of 126,700 sq m, 80,000 200 100 = Q1/06
eight units the previous quarter. the site is planned to be developed 60,000 150 into a mixed-use project including sq m
Transaction prices rebounded 1.2% office (not less than 65%), residential 40,000 100 QoQ on an index basis, averaging (not more than 18%) and retail (not RMB58,800 per sq m in Q4/2014. more than 17%). With some of 20,000 50 the most expensive apartments in
Residential land market Shanghai located in the surrounding 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 The Shanghai residential land area, including Bund House and 2006 2007 2008 2009 2010 2011 2012 2013 2014 market proved very active in the The Bound of Bund, the Dongjiadu Source: Shanghai Real Estate Transaction Centre, Savills Research final six months of the year, with project is expected to become a new 6Based upon a basket of 20 high-end apartment projects. several significant land acquisitions attraction in the high-end property market. GRAPH 7
TABLE 6 Residential land transaction area Top five bankuai/areas by first-hand apartment (buildable area) and AV, Q1/2007– transaction prices, Q4/2014 vs Q3/2014 Q4/2014 Land transaction GFA (LHS) Accommodation value (RHS) Average transaction price 4.5 18,000 Bankuai District (RMB per sq m) 4.0 16,000
Lujiazui Riverside Pudong 128,300 3.5 14,000
Huaihai Road (M) Huangpu 126,500 3.0 12,000 RMB per sq m sq RMB per Q4/2014 Nanjing Road (W) Jing'an 97,300 2.5 10,000 Huangpu Riverside Huangpu 82,400 2.0 8,000 million sq m Longhua Xuhui 75,400 1.5 6,000 Lujiazui Riverside Pudong 122,100 1.0 4,000 Huaihai Road (M) Huangpu 119,500 0.5 2,000
Q3/2014 Nanjing Road (W) Jing'an 97,600 0.0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Huangpu Riverside Huangpu 82,200 2007 2008 2009 2010 2011 2012 2013 2014
Jiangning Road Jing'an 76,900 Source: Shanghai Municipal Bureau of Planning and Land Resources, Savills Source: Shanghai Real Estate Transaction Centre, Savills Research Research
05 Briefing |Shanghai residential sales February 2015
AVs. Gree Group acquired two locations previously overlooked and hopefully shed light on the residential land plots (No. 32-01 & by buyers and having missed out current market status and highlight 38-01) in Qiantan for RMB1.6 billion on recent price rises, as demand areas that still need to be addressed, and RMB1.5 billion, representing emanates from high-end locations while also furnishing the tools to AVs of RMB65,800 per sq m and and gentrification. Smaller units are better roll out measures such as a RMB53,900 per sq m. The premium also expected to see greater growth city-wide property tax. over the reserve price reached 127% potential as more and more young and 93% respectively. professionals and skilled non-natives Despite rising inventory levels, firm demand convenience from living in pricing will mean that Shanghai is Hours after the acquisition, the AV downtown locations. unlikely to see a cancellation of HPRs record was broken by Sanxiang, a in the short term. That said, there Changsha-based company, which With the notable residential land may be some tinkering with certain bought another land parcel (No. plots recording high AVs transacted criteria to encourage increased 36-01) in Qiantan for RMB1.9 billion, in Daning (Jan/2014) and Qiantan transaction volumes while keeping an AV of over RMB66,600 per sq m (Dec/2014), more high-end residential prices in check. and a 114% premium on the starting projects are likely to emerge in price. certain areas between the Inner and While for many developers China Middle Ring Roads. and key markets like Shanghai Residential sales will remain a key focus, more and market outlook Developers’ confidence in the more are exploring opportunities in While the market witnessed a strong Shanghai residential market, and overseas markets. This is evidenced end to 2014, the future market is still the general wariness of investing in by recent high-profile land and asset likely to prove challenging. However, lower-tier cities, means that demand purchases that have made headlines we are generally more optimistic than for new land plots will remain fierce, and also by the fact that developers last year. The government, while not especially if the government release are spending more of their time aggressively supporting the market, less land to the market through the and effort in selling their overseas is taking steps – directly or indirectly public auction system. properties at events like the Shanghai – to support the market, sentiment Winter Property Exhibition, held in has improved and interest rates are Policy changes will continue to be December 2014. likely to fall further. announced and rolled out as the market evolves and matures, not The biggest price growth is generally least the property registration system expected to be in downtown that will result in better transparency
TABLE 7 High-end apartment supply, Q4/2014
Transaction Launch GFA Total no. Average unit No. of units Project Area Developer District price (RMB date (sq m) of units size (sq m) sold per sq m) 100,000- Tower 9-10, Eight Park Avenue Keppel Oct Primary Jing’an 120,000 28,700 106 270 -* 静安豪景苑9-10号楼 Land (asking price)
Star River Pudong, 3rd batch 60,000- Oct Secondary Star River Pudong 67,700 252 270 38 星河湾荟苑, 第三批 69,000
Oriental Bay, 2nd batch Dong 65,000- Nov Secondary Xuhui 2,120 9 235 3 云锦东方•湾庭, 第二批 Hang 78,000 Emerald Riverside, 2nd batch 60,000- Nov Secondary Vanke Pudong 33,100 171 195 96 翠璟名庭, 第二批 75,000
Tower 9-10, Shanghai Bay, 2nd batch 55,000- Dec Secondary Glorious Xuhui 710 2 355 -* 尚海湾豪庭 (9#, 10#) 90,000
Shanghai Empire, 3rd batch & Tower 2 50,000- Dec Secondary Han Rong Hongkou 1,480 10 150 4 豪景苑, 第三批&2号楼 105,000
Magnolia Mansion, 3rd batch 36,000- Oct Emerging Greentown Pudong 6,530 60 110 57 绿城玉兰苑, 第三批 45,000
Designer's Designhouse, 5th batch 40,000- Dec Emerging Vanke Pudong 256 1 256 -* 万科名琉苑, 第五批 55,000
Yanlord Sunland Gardens, 8th batch 40,000- Dec Emerging Yanlord Pudong 30,630 148 205 9 仁恒森兰雅苑, 第八批 55,000
Source: Shanghai Real Estate Transaction Centre, Savills Research *No transactions registered in the SRETC System as of Q4/2014.
06 Briefing |Shanghai residential sales February 2015
TABLE 8 Residential land plot transacted in specific areas
Transacted Site area GFA AV (RMB Date Jiefang No. Plot ratio price Premium (%) Buyer (sq m) (sq m) per sq m) (RMB million)
Nov-14 47 20,527 51,318 2.5 2,108 61.4 41,078 Yango Pingliang Jiedao, May-14 18 33,007 82,518 2.5 3,240 36.8 39,264 Poly Yangpu Oct-12 22, 23 66,763 267,050 4.0 3,259 0 12,205 Poly Total - - 120,297 400,886 3.3 8,607 24.2 21,471 -
Dec-14 36-01 13,965 27,931 2.0 1,861 113.8 66,629 Sanxiang
Dec-14 32-01 12,258 24,517 2.0 1,614 127.0 65,832 Gree Qiantan, Pudong Dec-14 38-01 11,695 26,899 2.3 1,450 92.5 53,905 Gree Dec-14 52-01 13,372 40,115 3.0 1,324 62.6 33,005 LJZ Group Dec-14 46-01 11,746 35,238 3.0 561 0 15,929 LJZ Group Total - - 63,037 154,700 2.5 681,031 83.6 44,023 -
Source: Shanghai Municipal Bureau of Planning and Land Resources, Savills Research
TABLE 9 Top residential land deals by AV, Q4/2014 vs Q3/2014
Transacted Site area GFA Reserve price Premium AV (RMB Date District Plot ratio price (RMB (sq m) (sq m) (RMB million) % per sq m) million)
Dec Pudong 13,965 27,931 2.0 871 1,861 113.8 66,629
Q4/2014 Dec Pudong 12,258 24,517 2.0 711 1,614 127.0 65,832 Dec Pudong 11,695 26,899 2.3 753 1,450 92.5 53,905 Quarter - - 1,659,547 3,673,938 2.2 46,307 54,938 34.3 14,953
Jul Huangpu 6,885 9,639 1.4 355 577 62.5 59,859
Q3/2014 Sep Pudong 45,992 91,984 2.0 1,248 2,370 89.9 25,765
Sep Pudong 58,767 105,781 1.8 1,156 2,010 73.8 19,001 Quarter - - 1,384,351 2,917,700 2.1 19,990 26,500 31.6 9,082
Source: Shanghai Municipal Bureau of Planning and Land Resources, Savills Research
Please contact us for further information Savills Research Savills Residential Sales
James Macdonald Siu Wing Chu Shirley Tang Michelle Zhou Director, China Deputy Managing Director Director Associate Director +8621 6391 6688 +8621 6391 6688 +8621 6391 6688 +8621 6391 6688 [email protected] [email protected] [email protected] [email protected]
Savills plc Savills is a leading global real estate service provider listed on the London Stock Exchange. The company established in 1855, has a rich heritage with unrivalled growth. It is a company that leads rather than follows, and now has over 600 offices and associates throughout the Americas, Europe, Asia Pacific, Africa and the Middle East.
This report is for general informative purposes only. It may not be published, reproduced or quoted in part or in whole, nor may it be used as a basis for any contract, prospectus, agreement or other document without prior consent. Whilst every effort has been made to ensure its accuracy, Savills accepts no liability whatsoever for any direct or consequential loss arising from its use. The content is strictly copyright and reproduction of the whole or part of it in any form is prohibited without written permission from Savills Research.
savills.com.cn/research 07