The Most Expensive Apartments in China

I heard about Tomson Riviera, a condominium complex in Shanghai, and decided to check it out.

Tomson Riviera is interesting because it's in deep financial trouble. I read that it was completed and ready for buyers in April 2006, and didn't have a single sale for nine months, when it sold four units (out of hundreds) to overseas Chinese buyers, which implies to me that insiders were buying units to stimulate interest.

I found this about Tomson Riviera: "Spanning over an area of 20,000 sq m, the four-block Tomson Riviera condominium consists of two 40-storey and two 44-storey towers. Each unit is between 434 sq m and 1,200 sq m, priced at RMB 80,000 to RMB 150,000 per sq m – reputed to be the most expensive in Shanghai." To my American friends, they start at $10,666 PER SQUARE FOOT and go up to $20,000 PSF.

I went to Pudong, the eastern section of Shanghai, known for explosive recent real estate development and large company offices. Tomson Riviera is located on the waterfront of the Pu River, looking across at the Puxi section. I walked the neighborhood, and found the waterfront to be very well developed, with nice restaurants, good walking paths through park-like surroundings. It was very nice.

I walked up to Tomson Riviera. I was met by a guard, who ran inside after motioning me to definitely stay where I was, and a few minutes later returned with a young woman who proceeded to interview me for a potential appointment to see a model. It was 115 degrees standing in the parking lot, and I probably didn't make the best impression. (I should have arrived in a limo). I filled out a form, and the young lady told me that someone would call me if they decided to show me a model. That was the end of the interview.

Okay, I'm even more intrigued, now. As a developer/partner in the U.S., I know someone's put a lot of money into this project, and wants to be paid back. What's going on? Stayed tuned.