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Two exclusive apartment blocks, with some flats priced at more than US$20 million, are struggling to find buyers in what is now a depressed housing market in Shanghai.

 

The Tomson Group, the developer behind the project, called Tomson Riviera, said it has received some offers, but is holding out for more money.

 

However, property agents say the firm could have a long wait at a time when the market for luxury apartments in Shanghai is in the doldrums.

 

Two of the planned four blocks in the development, which overlooks the Huangpu River, have so far been completed.

 

Apartments in tower C, the first to be finished, are being sold for between 80,000 yuan (US$10,000) and 150,000 yuan (US$18,750) per square meter.

 

That means flats in the block, which was completed last October, start from 38 million yuan (US$4.75 million) and run to 190 million yuan (US$23.75 million).

 

In the whole of last month only one apartment was sold.

 

The second block, which is being sold as one unit and has 74 apartments, is open for public tender for at least 3 billion yuan (US$370 million).

 

Tomson general manager Hsu Bin said that the firm had received inquires from several fund management companies for the second block before the announcement that it would go to public tender.

 

The company has hired Debenham Tie Leung (DTZ), a Hong Kong-based property consultancy, to sell tower B.

 

The firm is going to promote the property in New York, London, Dubai, Singapore, and several other countries.

 

Hsu denied the firm's main targets were overseas property investment funds, which have been active on the mainland in recent months.

 

These companies, Hsu said, expect annual returns of at least 8 percent on their investment, much higher than they could obtain from the Tomson project.

 

Bonwen Wong, associate director of the residential department at Jones Lang LaSalle, said prices in the exclusive blocks would not rise for three to five years.

 

But he added: "It's in a premier spot and rich people will want to own the apartments."

 

He said the reason for poor sales was because of stringent policies to cool the housing market.

 

Since late 2004, the country has limited foreign funds from investing in the over-heated real estate market.

 

In some areas in Shanghai, property prices have dropped by about a third in just a few months.

 

"Potential clients are watching what's coming next," Wong said.

 

It is reported that Tomson has nearly 200 interested clients, of whom two-thirds are from outside the Chinese mainland.

 

But some say the number of people able to buy such expensive homes is limited.

 

"People who expect an investment return from the property will be disappointed because prices won't rise for several years," said Wu Hao, chairman of Shanghai Chaoran Real Estate Property Consulting Agency.

 

And few people will want to pay a monthly rental of more than 300,000 yuan (US$37,500) for an apartment.

 

The fact that the flats only have land rights for 70 years is also a problem.

 

Wu said they would probably be sold to big companies that will then give the properties to their bosses.

 

(China Daily July 6, 2006)