But the higher prices in Guangzhou could be due to a much higher "maximal use" value from allowing denser development. If the property is 2x as expensive but holds 6x as many units (30 story tower in article vs typical 5 story American midrise), then that's a win. That type of cookie cutter high rise is very common in many Chinese cities. They will plop down several of these towers in the same area, typically 10+ stories, with few burdensome restrictions on parking and elevators. Can't speak to London, but I was blown away when visiting SF just how little dense development there was in most of the city, and how little new construction there was even of midrise buildings.
I believe it is per unit price not the whole building. It would be like family with 30 grand/year going for million dollar home. In China's case if would be an apartment accommodating 3-4 whereas in US it would be a large home in 99% of areas which are at max 20 miles from a city.
I lived in city of Mumbai, India where median income is about $3K per annum and median apartment price is would be about $200K.
