Shimao Property Holdings has sold a villa in Shanghai for 205 million yuan (HK$232.45 million), making it the country's most expensive residential property.
The deal was clinched as the upmarket residential market in the mainland financial hub has been softening and property agents predicted the worst was yet to come.
Shimao chief financial officer Lawrence Hui Wai-man said the company recently had sold two villas at Shanghai Shimao Sheshan Villas in the city's Sheshan area for 205 million yuan and 155 million yuan.
Mr Hui said the 205 million yuan deal was the most expensive on record on the mainland, thanks to its location and brand. The buyer is not a mainland passport holder.
'The market has slowed. But if [a property] is the cream of the cream, it will still have its market,' Mr Hui said.
However, he said investors should not read too much into one deal.