Unfortunately, the public didn't buy it. Less than one-tenth of the units were sold after the opening, leaving a large number of houses in inventory.
Newspapers frequently report that the government will regulate housing prices.
You have to understand that in those days, newspapers were the mouthpiece of the central government. If the newspapers said that housing prices were going to drop, or that young people had worked hard for several years but still couldn't afford a toilet, ordinary people would think that prices were really going to drop and that even if they had money, they wouldn't want to buy a house.
As a result, sales in the South China Sea Special Economic Zone are booming, while many people on the mainland are still waiting and seeing. Chu Yu knows that this wave of market activity has not yet truly arrived, but she cannot wait until the market improves before buying land.
By then, land prices had skyrocketed, and real estate developers flocked in, leaving Chu Yu with no choice whatsoever.
Chu Yu knew two real estate developers who acquired several plots of land in Beijing that year, and only put them up for sale twenty years later. The land price per square meter rose from over 1,000 to over 50,000. Chu Yu was particularly envious of such a profit margin.
The real estate market in the South China Sea still needs to wait for the right opportunity, while the real estate market in Beijing can be entered at the opportune moment.
Chu Yu wanted to develop real estate in Beijing, and Mi Fei was the first to support him. What a joke! Beijing was his old business, and he had connections there. If he did well in developing projects right on his doorstep in Beijing, he, Mi Fei, would become famous among his friends. What was wrong with that?
Qin Weidong couldn't help but feel a headache coming on. Was he going to come to Beijing to get involved in real estate again?
Good heavens, so many plots of land in the South China Sea haven't been fully developed yet!
Even a spinning top needs a rest!
Chu Yu was serious about acquiring land in Beijing. In 1989, land prices were low, and there were many good locations to choose from. However, it would take a year and a half to build, and by the time the construction was completed, it would be 1991. By then, the real estate bubble in Nanhai District had already arrived.
The soaring property prices in the South China Sea Special Economic Zone have also affected the real estate market on the mainland.
At that time, housing prices in major cities like Shanghai and Beijing could reach a peak of 6,000 yuan per square meter. However, this good fortune will not last long. In 1993, the government will introduce policies for macro-control, at which point housing prices will plummet, the real estate market will cool down, and many houses will have to be sold at half price.
What Chu Yu wanted to do was to buy and sell land and houses before 1993, make a fortune, and then leave safely.
Mi Fei had great confidence in Chu Yu, and the two of them quickly went to the relevant departments in Beijing to acquire the land.
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