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Property and Construction

Real estate slowdown may end soon
After a series of official statements that last year's macroeconomic control measures to cool the overheated property sector were successful, many real estate observers predict the controls will be relaxed soon, leading to increased activity in the sector. (Mar 2, '06)

Shanghai eases investment restrictions
In a reversal of an earlier policy aimed at cooling down the real estate sector, Shanghai has eased restrictions to lure foreign investment in property development. Foreign nationals, corporations and organizations all qualify to bid for land. - Olivia Chung (May 23, '07)


Lies, damn lies and statistics
The local land bureau shows housing prices down by 9.1% in Guangzhou, but China's top national planning body indicates they are up by 8.6%. No wonder potential home buyers are confused. Better to believe the national office. Guangzhou officials may be engaging in the all-too-familiar habit of massaging statistics so that they fit the party line. - Wu Zhong (May 1, '07)

A rags-to-riches story to dream about
China's newest richest woman is also one of the most reclusive. Not even a picture exists of the 25-year-old daughter of Guangdong property developer Yeung Kwok-keung, who has entrusted his estate in her young hands. The recent listing of their County Garden Holdings may change all that. - Olivia Chung (Apr 26, '07)

Beijing to probe property sector corruption
The failure of macroeconomic controls aimed at cooling down China's overheating property market has prompted Beijing to send investigation teams to the regions to crack down on irregularities and collusion between officials and developers in the property sector, believed to be key factors in the inexorable rise of housing prices. - Olivia Chung (Apr 4, '07)

'The coolest nail house in history'
A Chinese couple who have tenaciously stood their ground - or what's left of it - after property developers dug a massive pit around their house have come to symbolize the injustices suffered by ordinary people who have stood in the way of the juggernaut of China's economic growth. It doesn't matter if they are right or wrong - their story has taken on a life of its own. - Kent Ewing (Mar 30, '07)

Chinese developers jump the gun
Home buyers have been warned that it has become common practice in rapidly urbanizing China for developers - with the complicity and encouragement of local officials - to build housing on sites before the land has even been approved by the provincial government for such use. - Olivia Chung (Mar 28, '07)

To buy or not to buy in Beijing's 'bubble'
Residential real estate prices in China's capital have increased by 42% over the past three years. However, the myriad problems involved in buying property, as well as growing fears of a "bubble" bursting, make renting a safer - although more expensive - option for many expatriates. - Daniel Allen (Mar 19, '07)

China's land supply conundrum
Since the introduction of privatized housing in the 1990s, the Chinese government has seemingly come to regard housing - which is skyrocketing in value - entirely as a commercial commodity. If that is the case, it must also consider privatizing land ownership so that market forces can truly play their role in the property sector. - Wu Zhong (Feb 13, '07)

Foreigners still hot on China property
In anticipation of handsome returns and the appreciation of the yuan, foreign investors are expected to remain keen to cash in on China's overheating property market this year - despite continuous interest-rate hikes and never-ending warnings about the possibility of more government belt-tightening measures. - Olivia Chung (Feb 9, '07)

Rocky road ahead for stone industry
The abolition of an export rebate introduced in December - affecting more than 80% of its products and resulting in a 13% increase in production costs - is forcing China's stone industry to step up restructuring and upgrading. (Feb 1, '07)

Beijing rules out privatizing rural land
China's government has assured that the country's collectively owned rural land, which is allocated to farmers in plots on 30-year leases, cannot be privatized because it is protected by the constitution. (Jan 31, '07)

China to centralize land control
In a move aimed at curbing local corruption, Beijing is introducing tough reforms to strengthen its supervision of land management across China. - Candy Zeng (Jan 26, '07)

Another chill pill for property sector
Fearing the possibility of a recession triggered by a bubble-burst in the property market, the Chinese government has taken more tough measures to cool down the sector, including the reintroduction of value-added tax on land. - Kent Ewing (Jan 18, '07)

Chinese eye Pakistan's real estate
A five-year economic and trade cooperation framework aimed at increasing Chinese investment in Pakistani centers such as Karachi, Lahore, Islamabad and the future port city of Gwadar is making the acquisition and development of land in the South Asian country a very desirable proposition. - Syed Fazl-e-Haider (Jan 16, '07)

Buoyant year for real estate
China's real estate market maintained its momentum in 2006, with the average price growth in 70 large and medium-sized cities swinging in the range of 5.3-5.8% year-on-year. (Jan 8, '07)

Foreign investors still high on Shanghai
Foreign institutional investors, undeterred by curbs imposed by Beijing to discourage real estate speculation, are still scrambling to snap up properties in China's largest city. (Oct 25, '06)

Energy conservation begins at home
China has all kinds of regulations on the books, and is adding more of them yearly, to discourage construction of energy-guzzling buildings. Most don't work because nobody is ever fined and buyers don't want to pay the added costs for energy efficiency. Here's an idea: Why not try incentives? - Stephen Wong (Oct 12, '06)

Chinese fear homes are castles in the air
Homebuyers risk losing their life savings if the Chinese government chooses not to renew the lease for the state-owned land on which their dwellings are built. However, there is growing pressure to bring in legislation to protect property rights. - Stephen Wong (Oct 2, '06)

Shanghai takes a chill pill
China's biggest city is adopting elaborate macro-control measures to take the heat out of its sizzling property market. (Sep 28, '06)

Developers drive up vacancy rate
The number of commercial properties available in China has shot up 13.1% as investment in development soars. (Sep 15, '06)

Crackdown on land supply
Beijing aims to stop local officials making illegal land transfers, a practice that is putting the national economy at risk of overheating. (Sep 8, '06)

Strong earnings for property developers
Despite belt-tightening measures to cool down the overheated real-estate sector, China's property developers are set to post strong earnings for the first half of the year. But Beijing's measures, which include a new tax, could push up the price of second-hand houses. (Aug 3, '06)

Privatized housing impedes cooling efforts
A remarkable 80% of urban Chinese own their homes, a mere 10 years or so after this first became possible. As successful as the housing privatization policy has been, it presents a problem for Beijing's efforts to cool the property market: China's homeowners - a large urban constituency - don't want home prices to go down. - John Ng
(Jul 5, '06)

Land abuses: Beijing's cure has side effects
In an effort to curtail rampant abuses by local officials over the requisition of land, Beijing is considering requiring central government approval for all land requisitions. Unfortunately, this is a case where the cure might be worse than the disease. - Fong Tak-ho (Jun 29, '06)

Shimao IPO to defy property slowdown fears Shanghai-based developer Shimao Property Holdings is expected to defy fears of a property market slowdown by launching its Hong Kong IPO in late June. (Jun 22, '06)

More cold showers for China
In addition to its moves to cool the economy by reducing money supply, Beijing has introduced measures to take the heat out of the property market. Many bankers, though, believe the policy is too mild, and that further tightening can be expected in the next quarter. (Jun 19, '06)

Foreign property funds may be restricted
Beijing is considering new regulations to limit the flow of foreign capital into Chinese real estate, responding to concerns that the influx of foreign funds is further overheating the country's property market. - Sally W L Wang (Jun 8, '06)

Land supply for building luxury villas frozen
As part of a national effort to curb soaring housing prices, China has frozen the supply of land for building luxury villas as of May 31, according to an announcement by Wang Shiyuan, the vice minister of land and resources.
(Jun 1, '06)

Businessman takes on property prices
Growing public anger over spiraling housing prices, highlighted by the case of Zou Tao, a businessman whose call to boycott housing purchases sparked a nationwide controversy, has forced the Chinese government to take measures to curb an overheating real estate sector. - Kent Ewing (May 31, '06)

China's construction gold rush
The property and infrastructure boom has created a vast array of opportunities for foreign vendors of construction equipment and supplies, say visitors at a recent industry trade fair in Beijing, although the market remains price-sensitive above all, and regulatory uncertainties are still an issue.
- Ralph Jennings (May 25, '06)

Property market headed for deflation
China's property market shook off last year's macroeconomic control measures and maintained its momentum. But this year may be different: Beijing has introduced another set of cooling measures, vacancy rates are up, and Shanghai developers are being rated as junk. Investors may not be running for the exits yet, but they are certainly eyeing the exit signs.
- Laurence Lau
(May 18, '06)

Olympics run-up stresses China's economy
The massive construction in Beijing to prepare for the 2008 Summer Olympics is providing a major face-lift for the capital, but could be contributing to the overheated property market and might even put China's banks at risk given the possibility of a rapid slowdown after the Games. (May 18, '06)

Final check for Three Gorges right bank dam Engineering experts began a final check on the right bank dam of the Three Gorges Project on May 14. If the dam passes inspection, that will mark the end of principal construction on the massive project, officials said. (May 15, '06)

Housing down payments may be hiked
The central bank may raise housing mortgage down payments from the current 20% to 40-50% in a bid to cool down the red-hot property market.
(May 12, '06)

China promotes Tianjin New Area
The Chinese government is promoting investment in the Tianjin Binhai New Area in China's northeast, as part of its plan to balance regional development in the country. While Binhai certainly has potential, Beijing now lacks some of the development tools it used to promote regional economic zones in the past. - Wu Zhong (May 9, '06)

Your place ... or mine?
Chengdu, the capital of Sichuan province, had never seen anything like the luxury of The Waterfront apartment complex until a Singaporean developer brought it to town and cashed in on the province's property boom, writes Jeremy Hurewitz. But The Waterfront's pools and putting greens are in stark contrast to traditional areas like Old Horse Road, where a handful of die-hard residents - some willing to shed "fresh blood" to defend their properties - hold out against the wave of development amid the rubble of their obliterated neighborhood, reports Erik Mobrand.

 Top of the heap - Jeremy Hurewitz

 Top of the rubble heap - Erik Mobrand

A bull market goodbye from Dubai
As the Empire State Building celebrates its 75th anniversary, prudent investors should remember that the construction of record-breaking skyscrapers has been correlated with financial collapses. The latest example may be the Burj Dubai, now barreling upward despite a recent crash in the UAE Stock Index. - Pete Kendall and Steve Hochberg (May 2, '06)

Daiwa House to build condos in Dalian
The Japanese developer Daiwa House Industry Co will construct about 10 high-rise condominiums in Dalian with a local partner. Demand for high-end condos has risen as foreign firms have expanded in the city.
(May 2, '06)

Hong Kong's latest bubble
The Hong Kong markets are roaring - pumped up by petrodollar money diverted in the wake of the Dubai ports incident and Chinese companies wary of recently tightened US accounting standards. To quote the cartoon character Johnny Bravo: "This won't end well." - John Berthelsen (Apr 27, '06)

Central bank warns of real estate risks
China's central bank, the People's Bank of China (PBoC), says the real estate industry is absorbing too much of the country's capital, causing government concern.
(Apr 26, '06)

Foreign property investment eyed warily
Various Chinese officials have said recently that the state has taken note of increasing foreign investments in real estate, often considered disguised forms of yuan speculation, and is considering "appropriate adjustments" as a response.
(Apr 25, '06)

GDP figures revive overheating fears
Red-hot GDP growth figures of 10.2% for the first quarter have been confirmed by China's National Bureau of Statistics. Though the bureau denied the economy was overheating, the State Council had decided earlier that economic data did indeed show excessive growth, and experts predicted a reintroduction of cooling policies soon. (Apr 21, '06)

Property market heating up again
China's property market, which had cooled off after the central government adopted a package of macroeconomic cooling policies a year ago, has begun to show signs of warming up since March.
(Apr 11, '06)

Shanghai: Land of the rising trapezoid
The Shanghai World Financial Center, which could briefly become the world's tallest building, symbolizes the problems of foreign architects and developers as they try to cash in on the Chinese building boom: they could never have anticipated the ultra-nationalistic reaction to a Japanese-looking building feature intended to dissipate wind load. - Jeremy Hurewitz (Apr 7, '06)

REITs becoming more popular in China
Real estate investment trusts (REITs) and the securitization of real estate loans are becoming hot topics in China, with more REITs expected to list on the Hong Kong market this year.
(Mar 31, '06)

Orix plunges deeper into China
The Japanese leasing company Orix plans to expand its investments in the Chinese real estate market by spending roughly 5 billion yen (US$42.8 million) to acquire a 10% stake in major developer Tian An China Investments. (Mar 28, '06)

The new socialist cityscape
Rural unrest? Think again. City dwellers are protesting too, and are getting little help or sympathy from resurgent Marxists in Beijing who are more concerned with closing the growing rural-urban divide than they are with the problems of homeowners. - Kent Ewing (Mar 27, '06)

Morgan Stanley plans property investments
Securities firm Morgan Stanley said it plans to triple its investment in Chinese property this year, shifting emphasis from Japan in a bet on the world's fastest-growing major economy.
(Mar 14, '06)

Growth shows signs of slowing in '06
China's main economic planning body has identified several factors suggesting a slowdown in 2006 from the torrid growth last year, including slower growth rates for raw material production, fixed assets investment and exports. (Mar 10, '06)

China's cement industry sees jump in M&A
The pace of foreign acquisitions in the cement industry has picked up, spurred by the new government campaign to boost rural investments and a slowdown in the industry following macroeconomic control measures introduced the last two years. (Mar 9, '06)

Good outlook for Beijing luxury rentals
Beijing's luxury home rental market looks positive for the next three years, thanks to more expatriates moving to the city and the 2008 Olympic Games, according to a recent report. (Mar 2, '06)

Agribusiness firms become investor darlings
Firms involving agricultural materials and rural infrastructure are becoming the darlings of investors, buoyed up by the government's commitment to further improve rural incomes, analysts said. (Feb 27, '06)

Ma Ying-jeou pitches Taiwan to EU
The five-nation European tour of Kuomintang chairman Ma Ying-jeou, considered the front-runner to be Taiwan's next president, was an attempt to revive EU firms' flagging interest in the island. Unfortunately for Ma, though the visit was good politics, trade and investment figures have been heading in the wrong direction. - Duncan Freeman (Feb 22, '06)

Orient Home, Home Depot in buy-in talks
US-based do-it-yourself retailer Home Depot is in talks with China's Orient Home regarding a possible purchase of 49% of Orient Home shares by the US firm.
(Feb 17, '06)

Nan Yue plans 80 expressway rest areas
Guangdong-based Nan Yue Logistics is planning to build 80 expressway rest areas in the next 15 years to cash in on a road construction boom in the province.
(Feb 16, '06)

Shanghai property downturn to affect banks
The continuing Shanghai property downturn may dampen profit growth at banks in the city due to the decrease in new loans for individual property purchases, a new report said.
(Feb 15, '06)

Paint and coatings industry booms in 2005
China's paint and coatings industry continued booming in 2005, as it recorded a surge of 28.3% over 2004 in total output.
(Feb 15, '06)

Beijing struggles to clean air by 2008
The capital city's effort to clean up its air in advance of the 2008 Olympics is being made much more difficult by frenzied construction in advance of a mandated 2006 halt, and the massive boom in private car ownership, which is swamping, through sheer numbers, previous measures to cut emissions. (Feb 10, '06)

Real estate success for GE in Jiangsu
GE Toshiba Silicones Co Ltd's agreement with Nantong city, in Jiangsu province, to build a workshop there marked a success for GE's effort to gain a niche in industrial real estate in the country. (Feb 8, '06)

Shanghai seeks infrastructure investment
Shanghai will further widen the field for foreign investment in infrastructure projects, including sewage treatment and rail projects, during the next five years, an official said.
(Feb 6, '06)

Beijing's luxury rental market to heat up
The capital's top-end home rental market, including hotel-serviced apartments and top-notch apartments and villas, is expected to warm up after Chinese New Year. Rents should rise because of a decreasing vacancy rate and continuing strong demand from overseas executives.
(Jan 25, '06)

Real estate growth rate to fall to 20% in 2006
The sales growth rate of China's real estate industry is predicted to fall to around 20% in 2006 from 30% in the previous year, the China Securities Journal reported January 12, quoting an official report which said the real estate sector has entered a readjustment period.
(Jan 13, '06)

Shanghai: Believe the hype?
With glitteringly remodeled colonial-era buildings facing the science-fiction Legoland of Pudong just across the river, China's showcase metropolis combines super-modernity with a deep sense of nostalgia. Yet the gnawing question remains: how much of the new Shanghai is image, and how much is reality? - Anna Greenspan (Jan 6, '06)

Shanghai housing boom loses some steam
After building more skyscrapers since 1990 than there are in New York, it's perhaps not surprising that Shanghai's real estate market has deflated. The price frenzy which peaked last summer has eased into a rare buyer's market, with developers actually offering incentives to move properties. (Jan 6, '06) 

Slowing Yangtze delta lures Taiwanese
The Yangtze delta region, with Shanghai as its hub, lost momentum in the last quarter of 2005 due to a slowdown in the property market. But the region retains its allure to Taiwan investors tired of the Pearl River delta region. (Jan 6, '06)

China's roads ahead
China has ambitious plans for transportation infrastructure in the next 15 years, including shipping channels, ports and massive investment in highway construction, including 12,000 kilometers of expressways. (Dec 19, '05)

Otis lands record elevator order
Otis, a unit of United Technologies Corporation, has been awarded what is believed to be the largest single order for elevators in Chinese history - 450 elevators for eight residential high-rise complexes in Jiangsu province - by renowned Chinese construction firm Chixia Construction. (Dec 15, '05)

Building of residential villas restricted
In a bid to curtail the construction of low-density residential villas which use land resources inefficiently, the Ministry of Land and Resources will restrict the land supply to low-density residential housing projects and ban the land supply to specific villas, said a ministry official. (Dec 8, '05)

Industrial profits up Jan-Oct, losses also up 
China's industrial enterprises earned 1.117 trillion yuan (US$137.5 billion) in profit in the first ten months of this year, up 19.4% over the same period in 2004. But the losses by unprofitable firms also went up 62.6% year-on-year to $21.3 billion, suggesting that intensified competition in Chinese manufacturing is now producing clear winners and losers.
(Nov 23, '05)

Lower housing price growth in Beijing
The monthly rate of housing price growth in
Beijing in October, 0.4%, was slightly less than the national rate for that month, reflecting a gradual cooling of the real estate market in China's major cities with the implementation of macroeconomic control policies. (Nov 17, '05)

Migrant worker pool drying up
The long-time rip-off of China's migrant workers - they're owed over US$12 billion in unpaid wages - is starting to backfire. Instead of building the megacities of the east coast, many migrants are now looking to work closer to home. Some industries are following the workers, but the vital - and immobile - urban construction industry may soon face a labor crisis. - Anastasia Liu (Nov 9, '05)

China's anti-corruption illusion
China's ratification of the UN Convention Against Corruption is the latest wrinkle in a three-year anti-corruption campaign that included an "audit storm" to scrutinize official spending. However, as Mark DeWeaver points out, it appears that the leadership had other motives besides purifying society: most of those prosecuted were cronies of ex-president Jiang Zemin, and the campaigns were conducted when the government needed to cool the economy anyway.

Hidden motives

China ratifies treaty

B&Q to open home improvement store in HK
B&Q, Britain's largest home improvement retailer, announced recently that its first store in
Hong Kong would open in early 2007. B&Q is the number one Do-It-Yourself (DIY) retailer in Europe with more than 60 international stores, including one in Beijing, and employs more than 38,000 staff worldwide. (Oct 28, '05)

COSCO withdraws from real estate industry
China Ocean Shipping (Group) Corporation (COSCO Group) plans to transfer 45% equity of its property arm, Shanghai COSCO Salim Property Co Ltd, to the Success Medal International Limited (SMIL) at a fixed price, COSCO announced on October 10. 
(Oct 26, '05)

Foreign investment in roads welcomed
China welcomes foreign investment in the road transportation industry, according to said Zhang Jianfei, an official at China's Ministry of Communications. Investment in infrastructure will be allowed, especially in rural areas, to boost rural transport capacity for both passengers and cargo.
(Oct 25, '05)

Commercial property market overheating
China's investment in commercial property witnessed robust growth of 23.8% year-on-year in the first half of 2005, according to the Ministry of Commerce. But vacant commercial space increased much faster than the rate of investment growth in many areas, suggesting that the current growth rate is excessive.
(Oct 24, '05)

Real estate policies must change: official
Liu Fuyuan, a deputy director of the State Development and Reform Commission, has argued that excessive housing prices are mainly attributable to the irrational land rent system, and proposed a reform under which 70 years of land usage rights would be paid for annually rather than on a lump sum basis. (Sep 29, '05)

'Animal spirits' with Chinese characteristics
Almost 70 years ago, Keynes argued that the "animal spirits" of market economies led to excessive volatility in investment volumes. But China's economic history shows that putting investment in official hands can lead to even worse volatility, as perverse incentives and corruption lead officials to mistime investments.
- Mark A DeWeaver
(Sep 20, '05)

Building and laundering in Macau
Macau's future will virtually be determined by three men: Sheldon Adelson, Steve Wynn and Stanley Ho, who between them are pouring US$12 billion into colossal new casinos, many on the Cotai Strip between Taipa and Coloane islands. The boom will serve shoppers and conventioneers as well as gamblers, says Gary LaMoshi. Meanwhile, Macau Chief Executive Edmund Ho tried to calm a bank panic triggered by surprise allegations of North Korea-related money laundering against Macau-based Banco Delta Asia by a US Treasury Department official. (Sep 19, '05)

 Casino boom only beginning

 Ho tries to calm bank crisis

Real estate market forecast to recover soon
The real estate market in most parts of China remains stalled at present, but the situation will not last for long, according to experts, who point out that the country is in a phase of accelerated urbanization, and much dilapidated housing still needs to be replaced. (Sep 19, '05)

Asphalt net covering China's west
Five years after China started its "go west" campaign to develop the western region, road construction in the strategic area is proceeding on a massive scale. While the projects have attracted much criticism, they are also reviving ancient trade routes and changing the face of the west forever. - Rui Xia (Sep 14, '05)

Property price growth forecast to slow
China's property price growth will slow down next year and the year after, according to a financial report on the real estate industry published by the country's central bank, the People's Bank of China. (Aug 25, '05)

Stocks or real estate: the eternal question
China's vast middle class is looking for places to put its burgeoning savings, and with deposit rates of 3% or less, the banks are unappealing. That leaves stocks and real estate, both of which are problematic in China for different reasons, although the latter has been doing better lately. Also, alternative investments are starting to appear. - Min Xu (Aug 16, '05)

Red-hot Shanghai property market cooled
Government measures to curb property speculation are having an immediate impact in Shanghai, the country's hottest property market, sending prices down and buyers to the sidelines. Average transaction prices fell by US$711 on June 1, the day the new policies came into effect. (Jun 4, '05)

Yangtze delta growth eases
The booming Yangtze delta region of China, which includes Shanghai, Suzhou and Nanjing, has made progress in easing overly rapid growth, moderating price spirals in property and energy, and reducing an overdependence on heavy industry. (Jun 2, '05)

The speculative Chinese property boom
The Chinese property boom has become internationalized. Not only has it been a speculative frenzy in its own right, but it  has been an excellent vehicle to speculate on a yuan revaluation. If property prices break before the revaluation, China's banks will have their hands full of bad loans. - Jack Crooks (May 27, '05)


Part 1: Regulation needed
China's red-hot housing market is close to spiraling out of control, increasing calls for tighter government regulation. In part 1 of a 5-part series, the official press makes the case for government intervention in the provision of housing, and discusses the feasibility of a new property tax. (May 17, '05)

Part 2: 'Cool' not good
The government's efforts to cool the red-hot Beijing property market are having some effect, but the measures are driving property prices in desirable areas even higher. Meanwhile, one local developer has been accused of defrauding the Bank of China of a cool US$78 million. (May 18, '05) 

Part 3: Foreign money pours into Shanghai
Considered massively overbuilt just a few years ago, the Shanghai property market has recovered so well that foreign developers are flocking to the city, particularly drawn by solid returns in the grade-A office properties used by multinationals. Most of the investment is still from Hong Kong and Singapore, but even that is changing. (May 19, '05)

Part 4: HK hypes flats; mainland says 'yes'
With prices for luxury flats in Hong Kong rising by over 40% in the last year alone, developers are brazenly hyping units in second-rate locations as high-end properties. This has Hong Kongers muttering "bubble", but hasn't deterred buyers from the mainland. - Yohji Yuan (May 20, '05)

Part 5: PRC homes in on
foreign speculators

The rapid increase in property prices in China's major cities has attracted overseas investors, who often buy up entire blocks of apartments for later resale. The authorities now plan to crack the whip to put an end to this. (May 21, '05)

China's steady paint industry
As long as China's economy booms, so will its paint industry. So although this sector's profitability has been going down of late, due to rising crude and chemical prices and increasing marketing expenses, its earning power remains strong. (Apr 19, '05)

Business in China

Business in China
... for all ATol articles on the Chinese property and construction industry

At a glance

  • Proportion of urban dwellers in China (2005): 40%
  • Projected future proportion of urban dwellers (2025): 56%
  • Projected number of urban dwellers (2025): 1.4 billion
  • Housing space these people would require: 26 billion square meters
  • Existing housing space (2003): 9 billion square meters
  • Amount of housing space expected to be built in the next decade: 5.5-6 billion
  • Growth in commercial property investments (H1 2005): 23.8%
  • Commercial building investment (2004): US$21.2 billion

    Recent events of note
  • The government has been trying to dampen the rapid rise in property prices as a part of macroeconomic cooling measures
  • Real estate investment trusts (REITs) have been introduced
  • Large overseas real estate investors have been expanding their activities
  • A 10% capital gains tax was imposed in 2005 to suppress speculative "flipping" of properties

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