Speculators zoom in on Shenzhen to flip new homes for quick profit, raising warning of ‘grey rhino’ risks and regulators’ ire

• Five of the seven projects that launched last week sold out, with as many as 33,000 new homes being sold this year as at the end of October
• At CR Land’s project in Nanshan district, the average price for new homes was capped at a 28 per cent discount to the market, which created an immediate windfall on paper of 5 million yuan for a 100-square metre flat