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Domestic funds propel realty investment
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INVESTMENTS in China’s real estate market surged 52 percent to a record 209 billion yuan (US$31 billion) last year, with Shanghai still the top investment spot, global property services provider JLL said in a report yesterday.
Domestic investors were the main drivers, who raised their activity in key cities, including Shanghai and Beijing, in addition to their aggressive overseas investment, the report said.
“Shanghai continued to dominate the country’s property investment market in 2016, accounting for 48 percent of the total investment volume,” said Johnny Shao, head of capital markets for Shanghai and east China operations at JLL.
“Office, which accounted for 55 percent of total transactions, remained the most favorable investment, followed by retail malls’ 19 percent stake.”
Shanghai saw 100 billion yuan in total transactions last year while Beijing was second with 33 billion yuan, or 16 percent of the total. Shenzhen was third with a 10 percent share, according to JLL data.
Chinese investors took up over 86 percent of transactions last year, above the 75 percent registered in 2015.
A joint venture of ARA Asset Management and China Life Insurance acquired Shanghai Century Link, a premium office development in the Pudong New Area, for 20 billion yuan in the fourth quarter of last year.
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