Home » Business » Real Estate
Property deals may hit US$1.6b
By Cao Qian |
April 14, 2011, Thursday
|
Print Edition
Print Edition
DEALS involving major real estate acquisitions might reach 10.5 billion yuan (US$1.6 billion) in Shanghai in the first quarter of this year, with domestic buyers taking a dominant role in the city's property investment market.
The figure may represent a 11.5 percent annual growth if CapitaLand's purchase of the Orient Overseas Container Line portfolio during the first quarter of 2010 is excluded, according to property services provider Jones Lang LaSalle, which has based its latest research on preliminary data.
Retail and office developments were the two most popular choices for investors from home and abroad because of their strong growth prospects, and domestic buyers made up over 60 percent of the city's investment market.
In Lujiazui, financial companies purchasing space for self-use continued to drive the market.
In one of the first major purchases by a domestic insurance company, China Pacific Insurance Group, the country's third-largest insurer, acquired The Center, a premium Grade A office building on Changle Road for 4.4 billion yuan.
Last September, Chinese insurers got the green light to invest in commercial real estate, with an investment cap of 10 percent of total assets.
The figure may represent a 11.5 percent annual growth if CapitaLand's purchase of the Orient Overseas Container Line portfolio during the first quarter of 2010 is excluded, according to property services provider Jones Lang LaSalle, which has based its latest research on preliminary data.
Retail and office developments were the two most popular choices for investors from home and abroad because of their strong growth prospects, and domestic buyers made up over 60 percent of the city's investment market.
In Lujiazui, financial companies purchasing space for self-use continued to drive the market.
In one of the first major purchases by a domestic insurance company, China Pacific Insurance Group, the country's third-largest insurer, acquired The Center, a premium Grade A office building on Changle Road for 4.4 billion yuan.
Last September, Chinese insurers got the green light to invest in commercial real estate, with an investment cap of 10 percent of total assets.
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