Core Insights - The luxury housing market in Shanghai continues to thrive, with the recent sale of 120 units at the Kerry Jinling Huating Phase II generating a total sales revenue of 9.843 billion yuan [1] - The average price per square meter for the sold units was approximately 205,000 yuan, with a notable individual unit selling for 32.68 million yuan per square meter, reflecting the market's high demand [1][3] - Despite high transaction prices, the recent sales did not break the historical record for new home prices in Shanghai, which remains at 34.5 million yuan per square meter set in 2016 [2] Market Performance - The luxury segment of the Shanghai real estate market has shown significant growth, with 1,096 units sold at prices above 30 million yuan in the first half of this year, marking a 214% increase compared to the average from 2017 to 2023 [3] - High-end projects from major developers like Sunac, China Merchants, Poly, and Jinmao have continued to perform well in sales since August [3] Market Segmentation - There is a noticeable market segmentation within Shanghai's real estate, where the luxury market's success does not necessarily correlate with the performance of the general residential market [4][5] - Areas with inadequate transportation and commercial infrastructure are facing sales pressure, contrasting with the active markets around high-tech industrial parks like Zhangjiang and Caohejing [5] - The overall market is expected to show signs of weak recovery, with ongoing differentiation among various projects and segments [5]