Shanghai’s Xuhui district revolves around downtown Xujiahui, from which it takes its name, known primarily as a shopping destination.

The dynamic Xuhui forms a vast historic core area where Eastern and Western cultures merge. It has a metropolitan buzz and boasts a grand waterfront, significant cultural attractions, historic heritage buildings and peaceful parks. It covers most of the former French Concession, which has a great café culture and charming houses.

The former waterfront industrial land of Xuhui is being transformed into a vibrant cultural district, known as the West Bund, with art galleries, new parks and planned neighborhoods. Meanwhile, smartphone maker Xiaomi is building its headquarters in the southern Binjiang area of ​​Xuhui, while e-commerce company Alibaba recently acquired two plots of land in its West Bund area.

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Across Shanghai, house prices are showing signs of recovery, amid a slump in China’s property market and financial woes. This year it was one of only four cities in China (along with Chengdu, Beijing and Hefei) to return to growth after declines over the past 12 months, according to figures from the Shanghai E-House Real Estate Research Institute. .

“Shanghai’s high-end residential market is driven by demand from local residents who want to trade up for better homes. In addition, there is stronger and significant demand from non-local high-income workers,” said Sherril Sheng, research director of JLL’s China residential sector. “The pandemic has generated increased demand for upgrades as residents seek larger living spaces in better residential complexes with skilled property management.”

Borders

Xuhui District is one of Shanghai’s core urban areas, with 12 sub-districts and two townships covering its 21 square miles.

The district’s boundaries are not easily defined by just four roads, but roughly the Central Ring Road runs along its western edge while Shaanxi Road and the Huangpu River form its eastern side. It has Huaihai Road along its northern edge, and the Outer Ring Road is part of its southern boundary.

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Housing stock

Xuhui, which has a population of just over 1.1 million, has a large number of historic mansions and high-end residential developments, including single-family homes and apartment buildings, Ms Sheng said.

North of Xuhui is the French Concession, which refers to an area under French rule from 1849 until 1943, when it was ceded to the Japanese during World War II. It’s generally considered the best part of the city and has “preserved neighborhoods, with single-family and alley properties and low-rise houses dating back hundreds of years,” said James Macdonald, head of research. at Savills China and based in Shanghai.

In southern Xuhui, “we are seeing large-scale redevelopment and the emergence of a new commercial district as well as high-rise residential developments,” Macdonald said. In general, high-end residential projects in Xuhui are popular among home buyers. Shanghai Bay is an example of a sought-after luxury riverside residential complex.

In recent years, Xuhui district has been relatively short of new supplies due to the scarcity of land for development in the inner ring road, Sheng said.

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In 2020, real estate company Hongkong Land acquired a 56-acre West Bund waterfront site with plans for a mixed-use scheme. The project includes five new, amenity-rich neighborhoods and is expected to launch residences on the pre-sale market next year, according to local agents.

Price scale

In Xuhui, historical heritage properties can cost between 200,000 RMB (27,800 USD) and 250,000 RMB per square meter. Homes in new luxury residential developments, meanwhile, cost around RMB100,000 to RMB150,000 per square metre, Mr Macdonald said.

Prices are on an upward trajectory for second-hand residential sales in Xuhui District over the past seven years. They went from 40,380 RMB per square meter in January 2016 to 67,088 RMB per square meter in August 2022, according to the same data.

Most people prefer to buy rather than rent, but renting is becoming increasingly popular. Around 30% of Shanghai rent, according to recent estimates. “Those who rent might be waiting to buy the right first-hand property or are temporarily relocating to Shanghai for business reasons and are attracted by a certain lifestyle associated with some high-end rental properties,” Macdonald said.

What makes it unique

Xuhui enjoys a central location and a range of cultural, historical, natural and commercial attractions and nightlife spots. Investment in its riverside area brings new life through urban renewal projects. All this makes it a lively, modern and dynamic environment in which to live.

“Xuhui has the added benefit of having highly sought-after heritage buildings, as well as a new commercial district to the south, creating jobs and demand for new housing, as well as urban regeneration and city beautification which l accompany them,” Mr. Macdonald said.

The former French Concession of Xuhui has pretty tree-lined streets and elegant European-style buildings. It boasts Tianzifang tourist paradise, a shopping and dining enclave, notable for its unique arts and crafts design. And Wukang Road, which has many protected historic buildings in varying styles and has been dubbed the Shanghai equivalent of Paris’ Saint-Germain des Prés, in reference to its wealthy and low-key residents.

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Luxury amenities

Culture vultures will enjoy the West Bund Art Center, Shanghai Center of Photography, Leo Xu Projects Art Gallery, Long Museum, Shanghai Film Museum, Yuz Museum and Shanghai Museum of Arts and Crafts, all located in the neighborhood. . Xuhui is also the site of the Shanghai Stadium which hosted the home football matches of the Shanghai SIPG team.

Xuhui boasts riverside bicycle paths, historic street plane trees and acres of public green space, including Xujiahui Park and Runway Park built on the former Longhua Civic Airport opened last year and features of a linear park 1,830 meters long on its original track. The Shanghai Botanical Garden, covering an area of ​​80 hectares, is home to many rare orchids and a bonsai garden.

Many restaurants in Xuhui are Chinese or Japanese. Western notables include Stone Sal, an upscale American steakhouse with deep leather and wood interiors and industrial accents; Le Comptoir de Pierre Gagnaire at the Capella hotel, opened in 2005 and equipped with a traditional bakery and pastry shop; Sushi Matsuno is a Japanese “omakase” restaurant, which means trusting the chef to order for you; and Yuzuru, which offers kaiseki dinner, a traditional form of Japanese cuisine that means a multi-course Japanese dinner.

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Atelier By Taste Buds is a classic style aperitif bar with a focus on Campari, Aperol and barrel-aged cocktails and an option to buy your own barrel. The elegant Blackstone Magic Bar is inspired by Harry Blackstone Sr., which combines mixology and high-quality close-up magic. Another popular watering hole is the Maison à 3 cocktail bar.

Xuhui has a number of small boutiques, but the best malls are Grand Gateway, which has a movie theater and many luxury brands, and the six-story IFC, which houses the flagship stores of top designer brands. , including Chanel. ITC is reportedly still developing subsequent phases which are expected to be completed between late 2023 and early 2024.

Shanghai’s public schools operate under a government-created catchment area policy and some of them are among the best in the city. Some popular private schools include Southwest Weiyu Middle School on Yishan Road, which has over 3,000 students and three campuses with 80 classrooms, and Shanghai World Foreign Language Primary School, a coeducational college-prep school with two campuses.

Reputable international schools include Shanghai Community International School, a K-12 International Baccalaureate World School in Changning District; a Shanghai International School in Singapore has a campus in Xuhui which serves kindergarten through primary school. Wellington College International has a school across the river in Pudong for students aged 3-18.

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Who lives here

Many residents of Xujiahui work in its retail sector, and a growing number work for technology and media companies in the area.

Mr Macdonald noted that there are likely to be a number of notable residents living in the location of the former French Concession, but they like to keep a low profile.

“Xuhui is popular with tourists and expats who are drawn to its cafes, restaurants and tree-lined avenues,” Ms Sheng said.

Outlook

“At the moment, prime and central locations such as Xuhui tend to do better than suburban markets, given the slowing economy and more abundant supply in suburban neighborhoods. Value buyers net worth tend to be more resilient and view core markets as more stable and a better store of wealth,” Macdonald said.

In Shanghai, “the total inventory level is relatively low, while transaction activity in the second-hand market held up relatively well, while the first-hand market [new build property market] has been a bit quieter due to a lack of new supply in recent quarters,” Macdonald added.

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