China’s struggling property market is showing signs of recovery following Beijing’s measures to revive the sector, as hundreds of buyers bought flats in a new luxury housing project in Shanghai.

All 158 units in the third lot of One Sino Park, owned by Sunac China Holdings, were sold within three hours of the sale, starting at 13:00, generating revenues of 5.88 billion yuan (US$825.8 million). With the sale of the first two phases of the project, the developer obtained a total of 21.5 billion yuan.

Located in the Dongjiadu district of Huangpu district, the heart of Shanghai’s commercial hub, the apartments are priced at 172,000 yuan (US$24,150) per square meter, or 40 million yuan per unit. Sunaç said that there are twice as many buyers as there are flats on sale.

One Sino Park’s strong performance comes as Beijing announced a large-scale stimulus package in late September to support the real estate sector and stimulate demand among homebuyers who have been tightening their wallets since the start of an industry-wide crisis in late 2020 following a campaign came next. Rein in debt-laden developers.

Sun, a Shanghai resident who did not give his name, bought a 180 square meters (1,938 sq ft) flat on the 30th floor and said he was “delighted” to buy an asset that could “retain its value”.

“There’s no point in holding your money right now; “The stock market is not suitable for ‘retailers’ like us, so buying a house is probably the best option right now,” he said.