END-USERS, including multinational corporations with offices on the mainland, are expected to purchase luxury residential accommodation in a three-tower complex in Beijing.
Two-to three-bedroom apartments in Parkview Tower, east Beijing, are being offered to buyers in Hong Kong this week.
Units ranging in size from 1,764 sq ft to 3,860 sq ft are to be sold at a starting price of $1,500 per sq ft.
The sale price compares favourably with an average $2,200 per sq ft for luxury residential accommodation in the Chinese capital, according to property consultant Colliers Jardine.
Most of the units, including all the apartments in Tower One, have already been sold by the developer in Beijing to end-users as well as some investors. Those remaining go on sale in Hong Kong.
According to a China market specialist at Colliers Jardine, the supply situation in the residential sector in the Chinese capital was stretched by the rapid increase in expatriate staff of overseas firms setting up offices there to facilitate business activities.