Wenzhou buyers cash in on housing markets nationwide

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Last updated at: (Beijing Time) Tuesday, September 23, 2003

Wenzhou buyers cash in on housing markets nationwide

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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. (Shanghai Daily)

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