East China Sea International Apartment, a luxury residential development in Shenzhen’s Futian district, has cut the price of 10 units to 47,000 yuan (US$7,569) per square meter from 70,000 yuan, 21st Century Business Herald reported Wednesday, citing an unnamed market source. The reduced price is broadly in line with those of other projects in the area, reflecting oversupply in the high-end market, the report said. More price cuts are expected as new units come on stream. Rental returns from luxury apartments are typically limited because of the high down payment of as much as 50 percent and short mortgage repayment periods of about 10 years, the report said. At 80 stories, East China Sea International Apartment claims to be the tallest luxury residential high-rise in Asia.
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