In the face of the economic downturn and China’s tough anti-COVID campaign, Chinese wealthy people are scrambling to flee the country, selling their luxury homes in Shanghai and other first-tier cities at steep discounts and cutting their shares in listed companies to cash out. According to Shanghai property media, since October, local secondhand luxury properties…
Shanghai Luxury Properties Panic for Discount Sale as Wealthy People Prepare to Flee
Deep Pockets Full of Cash Keeping the Luxury Home Market Going
While inflation runs rampant and mortgage rates continue to inch upward, many luxury home buyers are apparently unaffected as home prices are still escalating through the roof in affluent communities across the United States. April stats from the National Association of Realtors (NAR) indicate over 20 percent of homes priced at $1 million or above…
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