Beijing Yintai Property will offer its luxurious service apartments in Beijing for sale at record high prices in Hong Kong this month, despite government policy to lower prices to avoid a property bubble.
The units at Park Hyatt Residences - part of the 350,000 square metres Beijing Yintai Centre development project in the capital's central business district - are the first service apartments to go on sale in Beijing.
Park Hyatt Residences' latest selling price of 40,000 yuan per square metre in the mainland is a record in the luxury market in Beijing. But property agents said units to be sold in Hong Kong might reach 50,000 million yuan, because these flats were on the higher floors and had better views.
Ranging between 133 and 240 square metres in size with one or two bedrooms, the 216 service apartments are located between the seventh and the 33rd floors of the 63-storey building.
The development also houses the 237-room Park Hyatt Beijing hotel, a club house and at least 16 deluxe penthouses which will go on sale later this year.
'House prices in Beijing have been low in the past and therefore it keeps rising gradually,' the developer's general manager Catherine Yin Xiaozhou said. She expected the 216 units would generate more than two billion yuan.