On September 8th, the World Executive Institute's ICXO Magazine and World Real Estate Academy jointly published a new list of "2005 China's Top 100 Luxury Houses." After sponsors' careful appraisal of different commercial houses in fame, quality-cost ratio, amount of advantages, rate of return on investment, and degree of satisfaction of buyers, Shanghai's Sandalwood Private Resort, Guangzhou's Favor View Palace and Golden Gulf Garden took up the first three places. Three luxurious commercial housings in Beijing were chosen into the top 10.
According to the sponsors, among the top 10 luxury commercial houses, Shanghai's Sandalwood Private Resort, whose highest unit price is 150 million yuan (US$18.5 million), is sold at 55.183 million yuan on average, evidently higher than the 46.025 million yuan record in 2004. Therefore, Shanghai's Sandalwood Private Resort can be regarded as real world-class luxury houses.
The survey conducted by World Real Estate Academy indicates that 75.29 percent of senior managers with high purchasing power are willing to buy luxury houses as their home. One reason is for embodiment of their social status and the other is for investment.
The sponsors included the ICXO magazine, the World Real Estate Academy, and their parent company World Executive Institute Ltd., which is chaired by Nobel laureate in Economic Sciences Robert Mundell. ICXO magazine's CEO Ding Haisen indicated that the global consumption market of luxury goods is transferring from developed countries such as the UK, France, the Unite States and Japan, to China, as China has already developed a wealthy class of a considerable scale. China has 300,000 multi-millionaires, over 10,000 billionaires and also a high-income class consisting of 10 million senior managers, each group requiring different levels of products and services.
The World Real Estate Academy was formerly the ICXO real estate index system established in July 2003.
(Chinanews.cn September 13, 2005)
