Shanghai's luxury property "derby": China Overseas and Jiabaydao, two high-end residential projects priced above 300,000 RMB per square meter, launch for sale on the same day

On July 11, Xuhui Riverside witnessed a rare "duel" of ultra-luxury properties in Shanghai's real estate market in recent years.

The second phase of China Overseas Yunjin Huating and Jiabaidao · Xuhui, both located in the Xuhui Longhua sub-market, launched their sales on the same day, with centralized house selection venues all set at MGM Hotel Shanghai West Bund.

The successive releases of two pre-sale permits pushed the new home prices in Xuhui Riverside to a new height.

It is reported that Jiabaidao · Xuhui was the first to obtain its pre-sale permit on July 1, and the news that the average price of its townhouses reached 302,500 yuan/sqm had not been fully digested by the market. China Overseas Yunjin Huating followed closely, and with a record-filing unit price of up to 328,200 yuan/sqm, it instantly set a new all-time high unit price record for new homes across Shanghai.

Shanghai's ultra-luxury property market has thus officially entered the "300,000+ yuan/sqm" era.

Land King Pedigree

The products launched in this phase of China Overseas Yunjin Huating form differentiated competition with rival projects in terms of quantity structure and unit size.

According to pre-sale information, the second phase of the project consists of 44 units in total, including 34 large flats and 10 villas (6 townhouses + 4 stacked villas). Among them, the townhouses span a size range of 404-472 sqm, with a maximum unit price of 328,000 yuan/sqm, and the most expensive unit reaches a total price of approximately 150 million yuan.

For the large flat section, the units cover an area of 280 to 350 sqm, with the fine decoration standard benchmarking the high-end product lines under China Overseas Properties.

From the perspective of land indicators, the floor area ratio of China Overseas Yunjin Huating is 1.5. A lower density means wider building spacing, larger courtyard areas, and lower living density within the project, which is also the core premium point for urban villa products.

The project does not build mid-rise or high-rise buildings in its master plan, with only 4 stacked villas in the entire development, instead of following the conventional low-density route dominated by stacked villas.

This product logic differs from that of Jiabaidao · Xuhui in the adjacent sub-market. Jiabaidao · Xuhui has a floor area ratio of 1.59, with a product form consisting of three townhouses paired with predominantly mid-rise buildings.

Observing the surrounding supply pattern, the Yunjin Road area where China Overseas Yunjin Huating is located is gradually forming the western wing of the ultra-luxury residential belt along Xuhui Riverside.

The project is surrounded by multiple developments such as Poly Riverside Tianjun and Yujiang Ting, which are mainly high-rise upgraded residences. Prior to this, the only low-density villa project in this stretch was Yunjin Oriental.

It is worth noting that the surrounding West Bund Dream Center and Longhua Meeting have already been put into operation, and the first-opened plot of West Bund Financial City also opened for business in 2025, so the commercial quality along Yunjin Road continues to rise. In the next one to two years, the commercial supporting facilities along Yunjin Road may enter a period of intensive delivery.

The confidence of China Overseas Yunjin Huating first stems from its "Land King" status. On October 20, 2025, during Shanghai's eighth batch of centralized land auctions, China Overseas Properties won the plot 188N-I-21 in Unit WS5 of Xuhui Riverside with a total price of 4.465 billion yuan, with a transaction floor price of approximately 148,500 yuan/sqm and a premium rate of 10%.

This price not only refreshed the floor price record of the Xuhui Riverside sub-market, but also made it the second-highest unit price plot by transaction floor price in Shanghai.

The plot has a land transfer area of approximately 20,000 sqm, a floor area ratio of only 1.5, and a building height limit of 30 meters. Located between the inner ring and the middle ring, the plot is only about 800 meters away from the Huangpu River, adjacent to public cultural facilities such as Longhua Temple, the West Bund Art Center, and the West Bund Museum.

On June 26, 2026, China Overseas Yunjin Huating held its first opening, launching 30 low-rise residence units with a floor area of approximately 257 to 411 sqm, with a record-filing average price of 206,000 yuan/sqm.

It is reported that the first batch of ultra-luxury products starting from 50 million yuan achieved a 70% sell-through rate in less than two weeks, confirming the market's recognition of low-density products in the core location of Xuhui Riverside.

The Ultra-Luxury "Duel"

The record-filing unit price of townhouses in Xuhui Riverside has risen from approximately 298,000 yuan/sqm of Yunjin Oriental Phase III, through 302,500 yuan/sqm of Jiabaidao · Xuhui, to a further elevated level of 328,000 yuan/sqm of China Overseas Yunjin Huating.

The difference in the pedigrees of the two developers adds highlights to this ultra-luxury showdown. China Overseas is a leading real estate enterprise among central state-owned enterprises, having deeply cultivated in Shanghai for decades, with a mature luxury property development chain and systematic advantages in capital cost and ability to resist cyclical fluctuations.

Chenjia Development, behind Jiabaidao, was only established in Hong Kong in 2020, with its mainland headquarters located in Shanghai, and its actual controller is Liu Yiqian, the head of Guohua Life Insurance and a prominent capital figure.

The chairman of Chenjia Development is Chen Jia, the son-in-law of Liu Yiqian, and the president Cui Shuai once served as the general manager of China Overseas Properties Shanghai Branch, with most of the core team being veteran executives from the China Overseas system.

The land acquisition costs and land purchase rhythms of the two enterprises are also different. On December 30, 2024, after 101 rounds of fierce bidding, Chenjia Development defeated bidders including the consortium of Poly Development, China Merchants Shekou and Yuexiu Properties, and the consortium of Xuhui Chengtou and China Overseas Properties, to win the plot where Jiabaidao · Xuhui is located, namely plot N06-22 in Unit S030501 of Xuhui District, with a total price of 4.382 billion yuan, a floor price of 126,000 yuan/sqm, and a premium rate of 40%, which is at a relatively high level in Shanghai's land market in 2024.

The 188N-I-21 plot in Unit WS5 where China Overseas Yunjin Huating is located was acquired during Shanghai's eighth batch of land auctions in October 2025. Although it only had a 10% premium rate, its floor price reached 148,500 yuan/sqm.

From the perspective of timing selection for market entry, the two major projects were launched almost simultaneously. In the first half of 2026, although the transaction volume of Shanghai's primary luxury property market declined compared with the same period in 2025, the popularity of top-tier scarce products remained unabated. Especially in the niche track of urban villas, the scarcity of supply has always been the core pricing anchor.

In Xuhui Riverside, the supply of low-density residential land located between the inner and middle rings with large-scale development has come to an end. After the existing projects enter their final sales stage, new supply will be even more limited. The two major projects chose to enter the market before the supply gap fully emerged, objectively seizing the market window period.

Although both major projects have reached the 300,000+ yuan/sqm tier, their target customer groups do not completely overlap. China Overseas Yunjin Huating takes the combination of large flats starting from 257 sqm and 400-sqm-class townhouses as its main products, with the average total price of townhouses hovering around 100 million yuan. The product design focuses on family living functions, with underground multi-functional spaces, independent garages, courtyard gardens, and terrace systems configured inside the units, bringing a living experience close to that of detached villas in terms of spatial scale and privacy.

Jiabaidao · Xuhui adopted a different product strategy. The three townhouses account for a limited proportion in the project, and the main products are mid-rise buildings with a floor area of 100 to 122 sqm, with a permitted average price of approximately 175,300 yuan/sqm.

The supply in this size range is relatively limited in the secondary new property market of Xuhui Riverside. Most of the listed secondary new homes in the area are concentrated above 150 sqm, and the supply of high-quality new homes around 120 sqm is scarce.

The total price range of Jiabaidao · Xuhui's mid-rise buildings is 18 million to 22 million yuan, targeting upgraded customers who have clear location demands but relatively flexible requirements on living space.

This article is from the WeChat Official Account "Viewpoint", authored by Viewpoint New Media, and published with authorization from 36Kr.