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

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

Summary:
[unable to retrieve full-text content]Shenzhen, the crucible of China’s economic reforms and the nation’s technology hub, is seeing a buying frenzy in residential property, as a government-imposed price cap created arbitrage opportunities for speculators to make quick profits.At CR Land’s CR City project in Nanshan district, the average price capped at 130,000 yuan (US,760) per square metre was 28 per cent cheaper than the neighbourhood’s prevailing market price . That attracted more than 10,000 bidders, helping the state-owned…

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[unable to retrieve full-text content]
Shenzhen, the crucible of China’s economic reforms and the nation’s technology hub, is seeing a buying frenzy in residential property, as a government-imposed price cap created arbitrage opportunities for speculators to make quick profits.At CR Land’s CR City project in Nanshan district, the average price capped at 130,000 yuan (US$19,760) per square metre was 28 per cent cheaper than the neighbourhood’s prevailing market price . That attracted more than 10,000 bidders, helping the state-owned…

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