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Gemdale to tap high-end market
By Cao Qian |
September 17, 2010, Friday
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Print Edition
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GEMDALE Corp, one of China's largest real estate developers by market value, announced yesterday in Shanghai that it will strategically tap the high-end housing market and raise its investment in commercial real estate projects over the next five years to accelerate its growth in the Yangtze River Delta region.
Under the company's plan, high-end residential development will eventually account for 30 percent of its total portfolio while, in the meantime, it will aggressively seek opportunities to build integrated commercial projects in neighboring Jiangsu and Zhejiang provinces, with particular interest in cities such as Suzhou, Wuxi, Changzhou, Zhenjiang, Nanjing and Jiaxing.
"By entering the high-end residential sector, we aim to further consolidate our leadership in the country's housing market," said Chen Bi'an, senior vice president of Gemdale who is also in charge of the company's Shanghai operation. "And commercial real estate developments will help generate stable capital inflow in the long term and our competitive edges will also be sharpened through diversifications."
Gemdale will launch its first high-end housing project - Great Mansion - in Xujing in west Shanghai's Qingpu District next month. Asking price for the apartment development, with a total gross floor area of 100,000 square meters, hasn't been settled but will probably be among the highest in the area.
Gemdale's second high-end housing project, due to be released to the market in the first half of next year, will also be located in Qingpu while the third one will be in Hangzhou City.
Under the company's plan, high-end residential development will eventually account for 30 percent of its total portfolio while, in the meantime, it will aggressively seek opportunities to build integrated commercial projects in neighboring Jiangsu and Zhejiang provinces, with particular interest in cities such as Suzhou, Wuxi, Changzhou, Zhenjiang, Nanjing and Jiaxing.
"By entering the high-end residential sector, we aim to further consolidate our leadership in the country's housing market," said Chen Bi'an, senior vice president of Gemdale who is also in charge of the company's Shanghai operation. "And commercial real estate developments will help generate stable capital inflow in the long term and our competitive edges will also be sharpened through diversifications."
Gemdale will launch its first high-end housing project - Great Mansion - in Xujing in west Shanghai's Qingpu District next month. Asking price for the apartment development, with a total gross floor area of 100,000 square meters, hasn't been settled but will probably be among the highest in the area.
Gemdale's second high-end housing project, due to be released to the market in the first half of next year, will also be located in Qingpu while the third one will be in Hangzhou City.
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