Apartment House Shopping in China

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Chengdu, China

Apartment House Shopping in China Chengdu Reviews

spocklogic spocklog…
269 reviews
China Dream Nov 25, 2014
Friends in Chengdu took us around to look at apartment real estate in Chengdu. We were just curious what the going rates were and what you get for your money. It was quite eye opening really and the apartment homes vary in price and quality, as you would expect depending on the community area and surrounding infrastructure. Chinese president, Xi Jinping has evoked a slogan called "China Dream" to unite the nation and people in parallel to "American Dream" slogan popular in the USA in decades past. It is part rejuvenation, raising standard of living, prosperity of the people, and creating a better society. Like American Dream, the China Dream remains somewhat vague in concept, but it is more of a feeling or sentiment perhaps.

The first place we stopped at was called the 'The Cosmos' and they had a special rate of 12000 RMB per square meter (m^2). I break it down here: This translates to around $2000 USD per m^2 or $185 USD per square foot. That's considered a very good price in Chengdu for a brand new apartment house. The apartment house we looked at was The Cosmos Mini at 123 m^2 (~1300 square feet), so it costs ~ 1,440,000 RMB or $240,000 USD. The next property we visited was Seongnam Lakeside Park Mansion and it was more expensive here with price tags of 2,165,376 RMB (~$360,000 USD) for a 159 m^2 (~1700 square foot) apartment house (B3). The quoted rate was 13,325 RMB per m^2 (~ $2220 USD per m^2 or $208 USD per square foot). They had a larger unit (B1) with 267 m^2 (~2850 square feet) that cost 3,834,072 RMB (~$640,000 USD). The quoted rate here was 22,085 RMB per m^2 ($3680 USD per m^2 or $343 USD per square foot). In all these conversions I used $1 USD ~ 6 RMB and 1 m^2 ~ 10.7 square feet. There were other units too (B2 & B4). The B3 unit was much more expensive per square foot than the B1 unit because it had some kind of great view - You always pay extra for that, eh?

The rates seem compatible with what one might expect to pay in the USA, but the rates seem high to me for China and it will be interesting to see where they are in a year or two from now (up or down). Anyway, it was all quite illuminating to see about real estate in China and it was an entertaining way to spend an afternoon too in seeing something of the 'China Dream'. My personal reflections on a few visits to China in the past 5 years tell a tale of a rising nation unparalleled in history, but at what cost? The cities are polluted from coal burning, the building continue to go up, but many remain unoccupied. The state subsidizes coal and steel industry, and China has deep debts, so I wonder if such growth is sustainable to support a transition so rapidly into modern ways. Time will tell and I hope China Dream does not become China Nightmare!
President of China Xi Jinping, poi…
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spocklogic says:
It's a looming problem for sure and sort of a 'If you build it, they will come' philosophy as near as I can tell.
Posted on: Apr 25, 2015
Zagnut66 says:
I've read about a possible real estate bubble in China. Hopefully it will deflate gently rather than catastrophically.
Posted on: Apr 25, 2015
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