High-End Shanghai Apartments Are a Bright Spot a China’s Dismal Property Market

(Bloomberg) — A $15 million penthouse was snapped up hours after it went on sale. More than 200 homes priced from nearly $5 million were taken in less than a day. Apartments worth $3.8 million were five times oversubscribed.

Shanghai’s luxury real estate market is a bright spot in China’s bleak property sector. It’s the only one among the country’s mega cities that’s still attracting people to put down money in an asset class that has otherwise been abandoned.