Residential Development Boom in China
"If you can dream it, you can do it." -Walt Disney
"Why not a fantasy as a home of my own?" I asked myself when given a tour of a new luxury residential development in the beautiful Hangzhou area. As I would normally feel mortified in favoring a themed, clichéd, post-modern style home, I must have felt nostalgic because my harsh dislikes of such descriptions were completely weakened.
During my tour of the property, the representative told me that 90 percent of the homes there had sold within a few days of its launching event. These massively successful residential developments in China are meeting the current demands of the booming country. While most of the homes remind me of being somewhere in Middle-America, I was impressed with the demands and successful returns: the homes sold in between $2 and $4 million.
The particular home I visited was an impressive revival of a historical Chinese residence that featured four lavishing suites and an extravagant Chinese garden and tea pavilion. After the tour, I was convinced enough, in my head, to arrange my own furniture in the space.
Later, in a conversation, I learned that the value of those exact home developments had increased to almost triple the purchase price. While the rest of world is slowly recovering from the recession, this part of the world is consistently growing, an incredible reality.