Changing real estate market in the ‘new normal’
Print Edition
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’s second- and third-tier cities.
“China60 is published at a time when China is transitioning from a period of fast growth into smart growth,” said KK Fung, managing director for JLL China.
“This ‘new normal,’ 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.”
“The cities comprising China60 would be the world’s second-largest economy in terms of purchasing power,” noted Jeremy Kelly, JLL’s director in global research.
“And despite the economic slowdown, they are projected to contribute 15 percent of global growth over the next decade.
“While 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’s urbanization with satellite cities in the Yangtze River Delta region showing particularly remarkable growth,” added Kelly.
Key findings
China’s “Alpha Cities” — Shanghai and Beijing — have maintained considerable distance from the China60 cities. They are setting new benchmarks as they become truly globalized economies, sitting among the world’s 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’s fastest-growing large cities.
China’s western and central cities have shown the greatest progress since the JLL published its China50 report in 2012. Xi’an, 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’s 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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