Property group buying starts in China

In 24 cities across China, more than 50 thousand home buyers sent in their applications via the Internet to join a group buying program. The program covers properties of more than 300 projects.

In Shanghai more than 11 thousand home buyers have joined the program which covers 14 lines and 50 projects in the city. Among all the properties, those around the areas where the Expo Park and Disneyland are are the most popular.

Property Salesperson, said, "The Disneyland Park which is to be built in Pudong will surely boost the development of the Greater Pudong area."

A property called the Center Garden is located near the Disneyland Park area. The price of the decorated small units between 30 and 40 square meters is 25 thousand yuan per square meter. One salesman at the property says the price of the bigger units has yet to be revealed.

Property Salesperson, said, "The price has not been decided and the price we mention is just the previous price."

Sources say the prices of many properties in the city has hit the ceiling. For example,the price of a unit in the Oasis Town development, which is located in Pudong, used to cost 14.5 thousand yuan per square meter, but now it is over 23 thousand yuan per square meter.