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Sale of Century Place in Shanghai: The Golden Age of China’s Real Estate Market is Gone

People’s Daily published an article on the fact that [Hong Kong Billionaire] Li Ka-shing, the owner of Cheung Kong Property Holdings Limited, recently sold Century Place in Shanghai. The article said that the sale is an indication that China’s real estate market is slowing down and facing slower or declining growth. The report indicated that the highest bid for Century Place was currently running at 20 trillion yuan (US$3.22 trillion). Cheung Kong Property acquired Century Place 11 years ago for 12,000 yuan (US$1,932) per square meter. It is expected to sell for over 70,000 yuan (US$11,272) per square meter. The report stated that if the sale goes through, it will be Li Ka-shing’s 6th property sale in the past two years. In the same period, Li he has not made any new acquisitions.

Source: People’s Daily, August 1, 2015