SIGNALS of recovering sentiment among both real estate developers and home seekers were discovered at an ongoing property fair in Shanghai – but if this will manifest in a sales rebound remains unknown.
The Shanghai Spring Real Estate Exhibition, the first major property fair held in Shanghai every year, opened yesterday at the Shanghai Exhibition Center with around 300 real estate projects – from both the country and abroad – being showcased at the four-day event.
"Real estate projects in Shanghai and neighboring cities accounted for 60 percent of the total 200 developments from the Chinese mainland, whereas projects from some 15 overseas countries and regions including the United Kingdom, the United States, Australia and Malaysia, totaled about 100," said Theresa Wang, an official with VNU Exhibitions Asia, one of the major organizers of the event.
Visitors, mainly seniors because yesterday was a working day, jostled from one booth to another checking prices and more importantly, discounts, though many of them ended up rather disappointed.
"Home prices in Shanghai are still too high for us to afford," said Lin and Wang, a couple in mid 60s who preferred to disclose their surnames only. "We have been keeping an eye on the project on Changyang Road in Yangpu District for some time but the sales people told us that there is still no attractive discount at the moment due to its comparatively good location."
Frequently seen developer campaigns at the fair included the introduction of a few "special price" units for buyers who sign deals during the exhibition or a price cut of within 10 percent. However, some developments in outlying areas would offer more notable discounts and usually provide free shuttle buses to take interested buyers for a site trip.