According to mainland bloggers, more real estate owners are trying to sell their share in Shanghai’s highest residential building Shimao Riviera Garden

The deluxe complex was completed in 2003 and is situated in Shanghai’s glitzy financial district, Lujiazui . It covers around 275,000 square meters of land and hosts seven high-rise residential towers.

Shanghai Taowu , a senior real estate consultant, shared on October 28 that listings of the luxurious building have soared since the metropolis exited the spring lockdown.

The number of listings has doubled since September, especially compared to July and August. Additionally, rental property listings have also risen. Shanghai Taowu believes there are up to 192 listings of the Shimao building on the market.

Another industry insider, Lu Jun provided a screenshot of an intranet showing that listings of the Shimao building have reached 104 units. The person wrote that listings of luxury properties in the financial hub have been unusually high. In that, Shimao Riviera Garden tops the rate in Lujiazui. The actual figure could be higher, considering that the data came from only one of the intermediary platforms.

Shanghai Taowu noted that Shimao Riviera Garden lost its charm after the riverside Arc de Triomphe neighborhood was installed and spoiled its golden riverside view. The new structure blocked part or the entirety of the scenic view from many apartments. Furthermore, the Shimao building is not brand new, making it even less appealing to cash-able persons who find the costs inconsistent with the older architecture.

The property consultant judged that the Shimao neighborhood is no longer the dominant player in the market and will eventually end up with liquidity issues.

About the rising listing of expensive real estate in Shanghai, industry insider Lu Jun pointed to the effect of the pandemic. It may have given proprietors a deeper feeling of self-preservation. As a result, more wealthy owners sell their opulent homes to secure their assets.

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