Sunshine Disk in Shenzhen Sells Out in 1.5 Hours, Reflecting Strong Housing Demand
The third ‘sunshine disk’ new property launch in Shenzhen this year saw 2,047 buyers competing for just 192 units, which sold out in 1.5 hours. Located in a non-restricted purchasing zone for non-locals, the project offered attractively priced and sized units that appealed to upgraders.
On October 19, the China Construction Guanzhao project located in Guangming District, Shenzhen launched for sale. In a scene reminiscent of previous frenzied buying, 2,047 eager homebuyers competed fiercely for just 192 available units. The odds were stacked at 11 to 1 against any individual buyer securing a property.
According to research from Leju, the entire project sold out within a brisk 1.5 hours, raking in sales proceeds of around 600 million yuan. Similar to the first “sunshine disk” launch after Shenzhen’s new property policies on September 29 - the Shenye Shangcheng Academy project - China Construction Guanzhao is also situated in a zone exempted from purchase restrictions for non-local residents who don’t have social security.
Homebuyers at the scene reported that this launch consisted of 80, 89 and 110 sqm three-bedroom and four-bedroom unit types. After discounts, prices started from around 33,000 yuan per sqm. Combined with the highly practical layouts, this positions the project very competitively in Guangming District’s new property market.
Shenzhen’s new home market continues to heat up, with rumors even circulating of some developers retracting discounts and raising prices. However, industry insiders reveal that most Shenzhen developers remain quite cautious, largely maintaining pre-policy discount levels with minimal concrete price hikes so far.
The rapid sell-out of China Construction Guanzhao, following on the heels of previous “sunshine disk” successes, clearly demonstrates the unleashed purchasing power of non-local buyers who previously faced restrictions. It also reflects the strong appeal of relatively affordable, well-located projects with practical layouts to upgrade-minded buyers in Shenzhen.
While dramatic sell-out stories attract attention, they don’t necessarily represent the full picture of Shenzhen’s market. Overall new home inventory still requires time to be absorbed. But they do underscore the city’s resilient demand fundamentals, supported by strong job growth attracting talent from all over China. For projects that get the product and pricing formula right, buyer demand is clearly there.