China’s struggling real estate market is showing signs of recovery following moves by Beijing to boost the sector, as hundreds of buyers snapped up units in a new luxury residential project in Shanghai.

All 158 units in the third batch of Sunac China Holdings’ One Sino Park were sold within three hours of the sale starting at 1 p.m., generating 5.88 billion yuan ($825.8 million). With the sale of the first two phases of the project, the developer raised a total of 21.5 billion yuan.

Located in the Dongjiadu area of ​​Huangpu district, the heart of Shanghai’s commercial hub, the apartments were priced at 172,000 yuan ($24,150) per square meter, or 40 million yuan per unit. Sunac said there were twice as many buyers as the number of apartments for sale.

One Sino Park’s strong performance comes after Beijing unveiled a large-scale stimulus plan in late September to support the real estate sector and boost demand from homebuyers, who have tightened their purse strings since the start of a sector-wide crisis in late 2020 following a campaign to rein in debt-ridden developers.

Sun, a Shanghai resident who did not give his first name, bought a 180-square-meter apartment on the 30th floor and said he was “happy” to acquire an asset that could “maintain its value.”

“Right now, it makes no sense to keep your money; the stock market is not suitable for ‘retail players’ like us, so buying a house is probably the best option at the moment,” he said.