It is said that even the top-tier luxury homeowners are beginning to exit the real estate market, with widespread panic and extremely pessimistic sentiments, especially in major cities like Beijing and Shanghai.
After the CCP initiated a major reshuffle of the financial sector, the impact on Shanghai exceeded expectations. As China's financial hub, Shanghai reportedly has hundreds of financial industry executives living in luxury communities. Following the salary rollback orders, a fund manager in Shanghai had to sell his top-tier luxury home in Shimao Riviera Garden, priced at over 1 million yuan per square meter in Lujiazui, for a flat price of 28.5 million yuan. The original purchase cost was as high as 40 million yuan.
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