Villas at ThaiHot Mansion and Courtyards by the Canal are selling at US$47 million each, making them the most expensive homes in China, reported Red Luxury news website September 7. The property, developed by Beijing Taihe Real Estate Development Co., is located in the suburbs of eastern Beijing.
Fifty units in the property are available for sale, of which 12 villas are advertised at more than US$47 million each. The cheapest unit in the ThaiHot estate is priced at US$4.7 million. No expenses were spared in the design of the villas, as each is filled with luxuries such as gold-plated swan sink faucets which cost US$7,865 and crystal chandeliers worth US$23,500.
Other features in the villas include floors covered in gold and black Italian marble, Roman-style swimming pools, walk-in cigar cabinets and secret hiding rooms such as bullet-proof compartments tucked behind bookshelves.
Shen Linan, assistant to the president of the Taihe Group, also involved in developing the ThaiHot real estate, said the villas were "prepared for the most successful people in all of China", according to the report.
Luxury property prices in China doubled over a four-year period in spite of a slight year-on-year dip of 2.42 percent in 2011, based on the ‘2012 Luxury Consumer Price Index' compiled by luxury research firm, Huren Report. A Shimao Sheshan villa in Shanghai now sells for RMB 73 million (US$11 million) compared with its RMB 37.5 million (US$5.9 million) selling price in 2007, added the report which analyzed a basket of 62 popular luxury products and services in China.
It appears that China's wealthiest entrepreneurs are relatively unaffected by the global economic downturn. The year 2011 proved to be a record year for China's rich as the number of Chinese billionaires on the Hurun 1000 list shot up to 271, up from 189 the year before and more than double of 130 in 2009.