Construction work in progress at the Sky Park residential project in Shenzhen. Photo: Handout

Shenzhen property sale lottery locks up US$2 billion in deposits – the largest in the city’s history

  • Nearly 2,800 buyers are vying for 192 flats at Sky Park, each paying 5 million yuan as subscription deposit
Topic |   Shenzhen

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Construction work in progress at the Sky Park residential project in Shenzhen. Photo: Handout
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The average home price in Shenzhen has increased more than 10 times to more than 50,000 yuan (US$7,000) per square metre between 2005 and 2015. Photo: AFP

Shenzhen turning its back on Hong Kong property model in favour of affordable public housing

  • The southern city is home to technology firms including Tencent and DJI, but rising prices caused by private land sales have made it one of China’s most expensive cities
  • A new government plan will cap the price of land sold for subsidised housing at 30 to 40 per cent of the benchmark rate as it seeks to build 1 million units by 2035
Topic |   China economy

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The average home price in Shenzhen has increased more than 10 times to more than 50,000 yuan (US$7,000) per square metre between 2005 and 2015. Photo: AFP
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