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Shanghai leads the way in real estate development
Source:shanghaidaily.com     September 23,2016



 

real estate

 

Shanghai maintained its top ranking in the country for real estate development and was followed by Shenzhen, Beijing, Guangzhou and Suzhou, the Urban Land Institute, a global non-profit research and education organization, said in a report yesterday.

 

Shanghai, where average price for residential properties jumped one third during the 12-month period through June, was singled out as “the only city in the Chinese mainland with liquidity for foreign investors,” according to the Chinese Mainland Real Estate Markets 2016 report.

 

Shenzhen, where the market is mainly driven by IT and private equity sectors, has seen the most robust momentum over the past year with new home prices surging more than 47 percent — the highest pace in the country — between June 2015 and June 2016.

 

Beijing is preferred by institutional investors despite limited investment opportunities, or fewer tradable assets.

 

“The four Tier 1 cities, led by Shanghai, continued to occupy the top-four places in the rankings for development and investment prospects,” said Kenneth Rhee, author of the report and the ULI chief representative for the Chinese mainland. “Loose monetary policy coupled with favorable housing policies such as the cancelation of home purchase restrictions nationwide except in the four gateway cities clearly contributed to a strong recovery in the country’s real estate market over the past year.”

 

While the residential sector is enjoying strong improvement, results for office, retail and logistics sectors seemed to be mixed. The office markets in Tier 1 cities remained generally healthy but most Tier 2 and 3 cities continued to suffer from severe oversupply. The retail sector also suffered from a nationwide oversupply of both existing and planned shopping centers, while on the logistics front, too much capital chasing investment opportunities and the difficulty of obtaining land parcels, especially in Tier 1 cities, had cooled investors’ enthusiasm.

 

(Source: shanghaidaily.com  Author: Cherry Cao)

 

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