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Property investment in Q3 robust
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SHANGHAI saw a strong third quarter of real estate investment as domestic and international funds sought out diversified properties to invest in, major international real estate services providers said, adding that the investing momentum is set to continue.
Among the diversity, industrial assets are becoming increasingly sought after in the city, in part fueled by the recent opening of the China (Shanghai) Pilot Free Trade Zone in Pudong New Area, according to industry analysts.
Seven major investment deals valued at 7.1 billion yuan (US$116 million) were sealed during the July-September period, according to a latest research released by Savills, a UK-based property consultant.
“Investors have been looking at a full range of asset types — business parks, residential, affordable housing and logistics — as office assets remain hard to come by and are expensive,” said James Macdonald, head of research for Savills China.
Notable transactions during the three-month period included Shanghai Sunac Greentown Holding’s purchase of Central Garden, a three-phase mixed-use development in Putuo District for 507 million yuan from Shanghai Haochuan Real Estate, and Top Spring’s acquisition of Shama Century Park, a luxury serviced apartment project in Pudong, from JP Morgan for 1.69 billion yuan.
Joe Zhou, head of research for Jones Lang LaSalle Shanghai, said the strong third quarter has lifted overall transaction volumes in the city above 2012’s level.
“Although unlikely to return to the record level set in 2011, an active fourth quarter can be expected to end the year on a strong note as several large office transactions are in the pipeline,” Zhou said.
These include one large office tower in Lujiazui that will be sold to a domestic bank.
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