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Mainland money drives real estate
September 24, 2009, Thursday
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MAINLAND investors, dominated by state-owned conglomerates, insurance companies and real estate investment trusts, accounted for about 70 percent of major property sales in China in the first half of the year, property firm Jones Land LaSalle said in a report yesterday.
Hong Kong buyers were involved in 20 percent of major transactions, and the remainder went to foreign investors, the report said. "We've seen a marked shift from a foreign-dominated real estate investment market to one where mainland players have assumed pre-eminence,'' said David Hand, head of investments for Jones Lang LaSalle China. In 2005, foreign capital accounted for nearly 60 percent of major property investment in the country, falling to about 40 percent in 2008, the firm said.
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