Growth expected in luxury home market

GUANGZHOU - Despite repeated government warnings of overheating in the property market, prices in China's luxury residential sector are expected to continue to rocket.

Guangzhou Dayi estate, which ranked among the World Executive Group's list of the top 10 luxury residential properties in China, will have homes with starting prices of up to 60,000 yuan ($8,784) per square meter in the second half of this year.

The project, which is located at the base of the Baiyun Mountain in downtown Guangzhou, capital city of Guangdong province, will place 79 villas for sale, each of which will cost at least 54 million yuan, said Yuan Jinrong, assistant to the president of the Guangdong Zhongli Group.