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City property market notches major deals

MAJOR property acquisitions have exceeded 20 billion yuan (US$2.93 billion) in Shanghai this year, with more than four in five deals involving domestic investors, real estate services provider DTZ said today.

So far this year, the combined value of major real estate investment deals has already risen to 20.8 billion yuan, compared with 18 billion yuan for the whole of 2008.

Deals of more than US$10 million are defined as major deals by the company.

"The local real estate investment market started to regain its strength in the second quarter of this year, buoyed by the country's continuously improving economy as well as abundant liquidity," said Jim Yip, director & co-head of investment, DTZ China.

"Notably, domestic companies have replaced overseas players as major investors in the local market, taking a dominant share of 83 percent in terms of capital involvement."

Banks in China issued a record 8.7 trillion yuan of new yuan-backed credit in the first nine months of this year, an increase of 5.19 trillion yuan from same period a year ago, earlier government statistics showed.

Office buildings were the most popular property with some 80 percent of deals closed so far in this category, followed by residential and retail developments, which each accounted for about 14 percent and 6 percent, according to DTZ research.


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