Wenzhou buyers cash in on housing markets nationwide
22/9/2003 14:37
People of Wenzhou in Zhejiang Province, who have gained a nationwide fame
for a good sense of making money, have turned to the housing markets nationwide
as the new cash cow, today's Oriental Morning Post said.
Citing industry
insiders, the report said some 100,000 Wenzhou people are earmarking 100 billion
yuan (US$12 billion) to buy homes across the nation. In Shanghai alone, for
example, they had squandered 3 billion yuan in the previous year to purchase
local homes.
"It's fair to say nearly all Wenzhou people are investing in the
country's housing markets and property has become the top profit source for the
area," said an anonymous official with a property management company.
Taking
the property investment return rate at an average of 15 percent, he said some 15
billion yuan profit could have been generated from the Wenzhou buyers' 100
billion yuan housing investment nationwide.
Meanwhile, the bold cash-in has
resulted in the hovering housing prices across the country, he said.
The
Wenzhou investors have made a detailed classification of the markets nationwide
and divide them into four sectors, according to a home salesman who has
organized home-buy tours for Wenzhou buyers.
The first sector includes the
high-priced cities, including Shanghai, Beijing, Shenzhen and Hangzhou, where
homes are selling above 5,500 yuan a square meter, he said.
The second groups
east coastal cities where housing prices rang between 4,000 to 5,500 yuan, such
as Nanjing, Suzhou and Dalian, and the third refers to inland key cities where
housing prices go between 2,500 yuan to 4,000 yuan.
The fourth sector covers
less developed areas, such as Guilin and Huangshan, where the per-square-meter
housing prices run between 1,000 yuan and 2,500 yuan.
Jane Chen / Shanghai Daily news
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