Penthouses go on sale at 500 million yuan

The developer of a luxury housing complex in Beijing has caused a media sensation by defying the property downturn and putting some of the units on the market at a record price of 500,000 yuan ($80,650) per square meter.

The complex consists of nine buildings, each with four penthouse residential units measuring about 1,000 sq m. Described as "hanging courtyards", the apartments each have a pool, spa, banqueting hall and other luxury features. The price tag is between 360,000 and 500,000 yuan per sq m - a unit cost of 360 million to 500 million yuan.

However, none of the apartments in this price range has been sold, and analysts doubt the marketing effort will be a success, because a serious oversupply is set to weigh down on prices in the capital's high-end residential sector.