#Chongqing is among Top 5 #Commercial Real Estate Markets for 2012
A recent report by Urban Land Institute (ULI) and PricewaterhouseCoopers (PwC) could give you the answer. The top 5 cities listed are Singapore, Shanghai, Sydney, Chongqing and Beijing.
Apart from the fact that 3 out of 5 cities in the list are in China, it is also noteworthy that the China second-tier city Chongqing, with a population of 30 million, has made its inaugural entry into the ranking.
Unlike many other industry players betting firmly on the first-tier cities in China, Singapore-listed mainland developer Ying Li International Real Estate believes the benefits of Chongqing’s cheaper labour costs compared to other first-tier cities, and its market prospects for retail surge. The firm also believes that the Chinese government’s efforts to cool the overheated property market will accommodate the property investment projects in this South-western city and its outlying areas.
Ying Li International Financial Centre is the on-going project for the firm this year. Locating in the heart of Chongqing, the integrated mixed-use development will combine Grade A office units and shopping malls.
Moving forward, the firm plans to launch one new project every 12 to 18 months with the outlook to inject these developments into REITs.
Over the past decades, Chongqing has emerged as one of the China’s fastest growing cities, being the home of some largest automobile companies, steel corporations and other industries.
Fang Ming, chairman and chief executive of Ying Li, said that the central government’s drive to increase domestic consumption and improve employment might result in advantages for domestic commercial properties. (Source: CommercialAsia.com, December 6, 2012)
"Also, the authorities are more supportive of strategically situated, high-quality, long-term commercial projects, especially those that form part of redevelopment plans for Chongqing’s old city," he added.
The firm is optimistic about growth conditions in Chongqing city, noting continued strong demand for Grade A office units and malls there. "The recently introduced pro-growth policies, the build-up of government infrastructure, the creation of jobs, foreign direct investment and rural-urban migration form strong fundamentals that will continue to drive the city’s growth," said Fang.
Want to hear more about development and investment prospects in Chongqing? Mr Fan Xiaochong, Executive Vice President of Sunshine 100 Real Estate Group will deliver an insightful presentation on this topic at the 7th annual Real Estate Investment World China 2012, taking place 19-22 March at China World Hotel Beijing. To register for the conference, email email@example.com or call +65 6322 2328