China Luxury Home Sales Jump 38% as Tech Wealth Lifts 30-50 Million Yuan Deals

2 articles · Updated · South China Morning Post · Aug 16

Homes priced at 30 million to 50 million yuan posted a 38% sales increase in mainland China’s top cities in the first half, signaling a rebound at the high end of the housing market.
High-net-worth buyers enriched by China’s tech boom are driving that demand, spending billions of yuan to upgrade homes even as broader housing sentiment stays weak.
Analysts say the luxury segment is too small to revive the wider property market, with middle- and low-income buyers still cautious about purchasing homes.
Real estate and related industries make up about a quarter of China’s economy, but the sector remains weighed down by a crisis triggered by 2020 borrowing curbs and developer defaults since 2021, including China Evergrande.