According to Hang Lung Properties, China will remain a major real estate powerhouse even after the Beijing Olympics and despite the backdrop of weaker property prices.
Chairman Ronnie Chan said long-term players would have to devise ways to overcome the bear market.
At the Forbes Global CEO forum he said, ‘Property is a long gestation industry.’
He said the biggest opportunity in China would include the large commercial and retail investments which could still bring in double-digit returns.
He said, ‘China is an opportunity of a lifetime and we are buying land for future projects.’
Hang Lung has allocated $5 billion for projects in China and already had nine projects under way.
Source: The Star Online