Source:Shenzhen Daily | Author:Tina Chen

New homes with capped prices in Longhua Subdistrict, Bao’an District, experienced brisk sales on the first day of the launch Saturday.

Prices of the Top Spring Residential Estate Phase III apartments were capped by the government at 3,000 yuan (US$463) per square meter below the market price, yesterday’s Shenzhen Economic Daily reported.

A total of 1,368 units, most of them 67 to 165 square meters, sold at an average price of 21,000 yuan per square meter. The lowest price is 19,000 yuan per square meter.

More than 3,000 homebuyers went to Great China International Exchange Square in Futian District at about 7:30 a.m., two hours before the sales started, said an unnamed security guard.

Homebuyers had to register their intention to purchase by paying 50,000 yuan in advance, according to the property developer’s policy.

“It was impossible for those registering late to have priority to buy a property,” said an agent with Centaline Property Agency. This was because more than 1,000 people had registered before the launch.