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Shanghai鈥檚 real estate investment improves
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SHANGHAI鈥橲 real estate investment market improved in the second quarter of this year as international investors became more active, property service providers said in their latest reports.
About 8.5 billion yuan (US$1.4 billion) worth of major real estate investments involving five deals were completed in the city in the period between April and June, a quarter-on-quarter surge of 70 percent, according to data released by Savills.
The agency said 40 percent of the total sales value came from international investors, up from 5 percent recorded in the first three months of this year.
鈥淜ey international funds continue to raise Asia core funds, focusing on gateway cities,鈥 said James Macdonald, head of research for Savills China. 鈥淢oreover, both domestic and international investors are increasingly trying to acquire premium assets with stable income for long-term lease hold, a marked divergence from previous investment strategies.鈥
In June, AEW acquired Baolong Tower, an office building in the city鈥檚 People鈥檚 Square area, for 900 million yuan, or an average price of around 36,000 yuan per square meter, while Mapletree China Commercial Trust bought Sandhill Plaza in Zhangjiang High-Tech Park for 1.84 billion yuan, or around 29,000 yuan per square meter on average.
鈥淭he investment market sentiment has improved and foreign investors have been quite active,鈥 said Alan Li, head of investments for JLL East Hub, China. 鈥淪table, high-quality assets in core business park areas are increasingly sought after by investors.
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