Amidst the hustle and bustle of the sales centre of Golden Real Estate in Shenzhen, couples and families gathered to explore the offerings of the local developer. Cheers erupted as a lady smashed a “golden egg” to celebrate her purchase of a new home during China’s “golden week” National Day holiday, contributing to the developer’s total sales of 300 million yuan.
Sales manager Feng Yuanjin noted the surge in visitors, prompting extended operating hours to accommodate the influx of customers seeking home upgrades. The average cost of flats, at 70,000 yuan per square meter after discounts, attracted families looking for a new residence.
This surge in homebuyers was fueled by Beijing’s stimulus measures for the property market, along with easing policies by local governments such as in Guangzhou, Shanghai, and Shenzhen. Residents benefited from the removal of curbs and exemptions from capital gains taxes, encouraging investment and sales in the real estate sector.
A buyer smashes a “golden egg” to celebrate her purchase of a new home in Shenzhen on October 3, 2024. Photo: Yulu Ao