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China Property Bubble or Not? UPDATED 1/14 Focus on Shenyang's New Development area and Mario Eating Humble Pie in Dadonghai
UPDATED By Mario on 1/14 We just checked Shenyang's new "Pudong" area of Shanghai, quite representative of other 2nd tier cities in China. A huge development area south of the river which runs east to west, site of Shenyang's Olympic Stadium, new International Convention Center, new Walmart and subway stop - prices are in the mid 5000's psqm for nice new apartment gardens. There are several large new garden apartment communities in Shenyang along the new development area along the riverside in the 5 to 7000rmb/psqm range. While just a couple minutes to the north along the southside of the river you find true luxury level apartments along the new golf course asking prices at 8,000rmb/psqm facing south and 10,000rmb/psqm facing the golf course/riverfront.
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"Build it and they'll come" (that seems true enough), "then they'll eventually work out how to use it" (i.e. not leave good property empty).
The idea is that extended family and friends will eventually fill in the down time, generating commercial activity throughout the year (multiplier effect) and, by the way, helping to maintain demand for property and therefore property values.
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