Changing real estate market in the 鈥榥ew normal鈥
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With Chinese cities entering a new period of consolidation and smarter development, Jones Lang LaSalle, a leading international property adviser, recently published China60, a report that offers its perspective on the commercial real estate landscape in 60 of the country鈥檚 second- and third-tier cities.
鈥淐hina60 is published at a time when China is transitioning from a period of fast growth into smart growth,鈥 said KK Fung, managing director for JLL China.
鈥淭his 鈥榥ew normal,鈥 marked by lower but more sustainable economic growth, means that decision makers in the commercial property industry need to reassess their strategic choices in the light of higher-value growth, which will boost demand for modern commercial real estate across the China60 cities.鈥
鈥淭he cities comprising China60 would be the world鈥檚 second-largest economy in terms of purchasing power,鈥 noted Jeremy Kelly, JLL鈥檚 director in global research.
鈥淎nd despite the economic slowdown, they are projected to contribute 15 percent of global growth over the next decade.
鈥淲hile much of the growth is coming from secondary and tertiary cities in southwest, northwest and central China, the rise of mega city-regions is adding a new complexity to China鈥檚 urbanization with satellite cities in the Yangtze River Delta region showing particularly remarkable growth,鈥 added Kelly.
Key findings
China鈥檚 鈥淎lpha Cities鈥 鈥 Shanghai and Beijing 鈥 have maintained considerable distance from the China60 cities. They are setting new benchmarks as they become truly globalized economies, sitting among the world鈥檚 top 10 city economies in terms of scale, status and commercial attraction.
The top nine cities in China60, dubbed tier-1.5 cities, have cemented their positions as thriving regional hubs, extending their lead over second-tier cities as they develop global profiles. Tianjin, Chongqing, Chengdu and Wuhan are among the world鈥檚 fastest-growing large cities.
China鈥檚 western and central cities have shown the greatest progress since the JLL published its China50 report in 2012. Xi鈥檃n, Guiyang, and Kunming are noteworthy beneficiaries of the continued shift inland in the balance of economic activity.
Mega city-regions are evolving rapidly in China鈥檚 most densely populated areas. The Yangtze River Delta and Pearl River Delta are forming vast networks of cities that comprise some of the largest in the world.
Forecast by sectors
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