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Foreign investors snapping up Beijing
real estate
BEIJING - Beijing's
real estate market saw a strong foreign capital inflow
in 2003, and even more is expected this year.
Foreign investors injected 2.89 billion yuan
($348 million) during the January-November period in
2003, up 183.4 percent year-on-year, with building space
totaling five million square meters, Friday's Beijing
News reported.
An even more positive capital
inflow is expected this year, the paper quoted industry
insiders as saying, citing the looming 2008 Olympics and
Beijing's increasingly mature property market as the
main driving forces.
Many countries, including
Singapore, the US, Japan, Canada, the UK and the
Netherlands have seen their companies eagerly engaged in
Chinese market.
CapitaLand Limited of Singapore,
the largest listed property company in Southeast Asia,
is running a residential project with two pieces of land
it has just bought
. It announced last August
that it would invest another five billion to ten billion
yuan in Beijing in the next few years to tap into
business opportunities brought about by the 2008
Olympics.
Other projects funded by Singaporean
investors include a premier residential apartment block
covering seven hectares by KeppeLand and a plaza located
in Beijing's financial street by GuocoLand.
The
world's top real estate developer, Hansen of the US,
unveiled "Park Avenue," an apartment building facing the
main gate of Chaoyang Park last August.
The LVC
Group from Canada bought a 19-square-meter site last
October to build a resort for tourists near Miyun
Reservoir in suburban Beijing, and is eyeing another two
before the 2008 Olympics.
An apartment building
on the second ring road that began selling apartments
last April is operated by Japan's largest real estate
developer, Nissho Iwai Corporation.
The Beijing
municipal government courts multinationals with
preferential policies and an increasingly mature market.
A Singaporean manager with Keppel Land said that
he is very encouraged by Beijing's increasing
transparency in the trade of land-use rights, and the
city's more mature financial practices.
Chinese
property managers have hailed the foreign capital
inflow, believing that it ensures the full completion of
the projects before they are put up for sale, and thus
guarantees the quality of the projects.
"Foreign
companies are always in partnership with reputable
suppliers in the business chain, so I am confident about
the quality of the projects," said Gao Xuezhong, a
marketing manager with a Beijing-based property
company.
(Asia Pulse/XIC)
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