A traditional Chinese garden in Suzhou will go on auction in Shanghai later this month, the first time that a famous garden in the Jiangsu Province city will be sold to private investors.
Fengmei Cottage, which covers 1,874 square meters of land, will be auctioned on March 31 with a floor price of about 56 million yuan (US$6.75 million), said Shanghai Jixing Invest & Consult Co, an agent for the sale.
"Some investors from Singapore, Japan and Taiwan have already shown great interest in buying the precious property," said Fan Zuxiang, general manager of Shanghai Jixing.
"Most are overseas Chinese who regard such old houses as antiques, not as a pure house for living."
Meanwhile, industry officials said that the floor price for the bidding was a bit too high to accept.
"The floor price of about 40,000 yuan per square meter for the garden may make some investors go away," said Fred Cai, general manager of Stanford Old Villa Lease & Trade Center, an agency which sells old villas locally.
"In comparison, the selling price for old villas in downtown Shanghai is about 50,000 yuan."
As the garden is more suitable for living, the investment return on the cottage will be limited, said analysts.
Fengmei Cottage which was renovated recently, is a traditional Suzhou-style garden with more than 30 rooms.
Built in the middle era of the Qing Dynasty (1644-1911), the garden used to be a residence for dozens of families in Suzhou after 1949.
All the residents have moved out as part of the Suzhou government's plans to protect old gardens in the city.
After the sale, the garden will be required to be well-protected by the owner, Fan said.
"Though there are still about 30 to 40 old gardens in Suzhou at present, most cannot be sold," said Fan. "Many gardens have already been used as scenic spots for the public."
Suzhou gardens are regarded as the embodiment of private gardens in China and usually feature ponds and rockeries.