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$35m overseas investment on China real estate
www.chinanews.cn 2006-07-15 17:12:49
Chinanews, Shanghai��July 14 - According to Shanghai Morning Post, the
Shanghai real estate market report published by Jones Lang LaSelle on
July 12 showed that overseas investors had invested as much as $3.5
billion in the real estate industry in Chinese major cities in the first
six months of 2006. The overseas investment on real estate in China
totaled a mere $5.5 billion last year.
Director of the Research Department of Jones Lang LaSelle (Shanghai)
Michael Hart said that the overseas investment on China's domestic real
estate industry took up 3% of the total investment in this area, and most
of the investment went to Beijing, Guangzhou and Shanghai.
Overseas investors has kept their pace in coming to China in 2006, and
overseas investment in the first half of the year was as much as 70% of
the entire last year. They prefer to invest their money on top-grade
residences, but not office buildings.
With the growth of rent in Shanghai, Beijing and Guangzhou, it will cost
more for oversea capitals to buy real estates in China. Mr. Hart said
that the price had been $2,800 to $3,500 per square meter last year, and
it has risen to $3,700 - $4,000 in 2006. The price has grown at the same
rate as the rent in these cities.
Rumors said that China might issue some policies to restrict overseas
investment on domestic real estates, but Mr. Hart thought that investment
would still remain very active, as the policy was not clear.
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