China's World Real Estate Academy has announced China's most expensive ten villas.
Five are in Beijing, two in Shanghai, and Wuhan, capital of Hubei Province, Guangzhou and Shenzhen of Guagndong Province each have one.
The two mansions in Shanghai are the most expensive among the ten. The top one "Sunville" selling at the highest unit price of 130 million yuan (US$15.7 million), which is nearly 100 million yuan more than Beijing's most expensive "Green Sea Manor" in Beijing.
According to insiders, the owners of these villas are all "those on the top of the pyramid", most of them are successful businessmen, entrepreneurs and stars in entertainment circles.
There are worries about the rapid increase in villa's being built in Beijing in recent years. It's estimated that within the next two years, the number of villas priced as high as five million yuan will be about 5, 000 to 7, 000. Their total value is estimated at about 30 billion yuan. The sales volume of real estate in Beijing is currently about 45 billion yuan.
Insiders say market risk is increasing, and the situation is especially serious in the market of high-grade housing in Beijing.
(Xinhua News Agency October 17, 2004)
