Jane Chen / Shanghai Daily news

The Shui On Group of Hong Kong will commence sale of its upscale housing project in Shanghai's downtown Xintiandi after all, a one-year delay since it's ready to, today's Shanghai Morning Post reported.
The developer is expected to obtain the presale license for Phase II of its Lakeville project at the end of this month, its chairman Vincent H. S. Lo revealed last Friday. 
Lo declined to reveal the price, saying only that it will be announced when sales commence.
But Shui On's vice-president, Wilfred Wong, disclosed that the price will exceed that of Phase I, which currently ranges between 38,000 yuan (US$4,703) and 40,000 yuan per square meter.
The Phase II condos were ready for sale at the beginning of this year but sales were delayed for nearly one year. The chairman explained the delay as being due to concerns about the market.
Market analysts agreed with his comments.
The group's another luxury condo project, Rich Gate, dubbed the then most expensive property in Shanghai at a price of US$7,000 per square meter, had recorded practically no business since April, when the government rolled-out a batch of measures to cool down the overheated housing market. 
In October, the market began picking up and trade with Rich Gate reached a record high of 24 homes, a sign of market recovery that the opening of Phase II of the Lakeville project was attributed to by analysts.
The Phase II project comprises 645 homes in 17 buildings, with the floor-area of each home varying from 94 to 600 square meters. 
The overall project will be completed in January.
The first supply of 143 homes will be on sale at the end of the month, including 20 super-luxurious suites.