China’s tourism, or leisure, real estate sector is becoming a popular alternative investment choice of Chinese consumers as rising urban housing prices, greater demand for retirement housing, and other factors bode well for this market. But property developers have been rather wary of this sector, given the higher capital requirements and longer investment horizons the projects typically demand.
However, the experience of Evergrande Group’s Sea Venice, located just 90 minutes away from downtown Shanghai in coastal Qidong, suggests such prudence may be a mistake. The project sold out at record speed, largely owing to its clear value proposition that was deftly communicated through its targeted marketing channels. As the Chinese real estate market continues to grow more competitive, Sea Venice is a reminder that product quality and sales strategy are as important as ever. (This report in Chinese.)