Nine months after opening in Shanghai, China's most expensive luxury apartment complex has yet to attract a single buyer, but developer Tomson Group Ltd. is not about to slash prices to get people in.
Sales may prove difficult in the near term at Tomson Riviera, located on the banks of Shanghai's Huangpu river, as China's efforts to cool an overheated property sector may keep buyers away from a complex where units can cost US$20 million or more. As the development's four towers sit idle, the company is still determined to hold the line on prices, Tomson Group general manager Hsu Bin told reporters.
The development's 220 luxury apartments now carry price tags averaging 110,000 yuan (US$13,750) per square meter, but Hsu insisted his company would not consider major price cuts.
"As of today, we haven't sold a single apartment,” he said Tuesday.
"But there are foreign investors or funds preparing to come here to look. We have already sent out tender documents."
To bring in some income as it looks for buyers, Tomson has decided to start renting out flats by early next year in one of the complex's four buildings.
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Director: Liu Chi