[photopress:Beijing8_1.jpg,full,alignright]Five years ago, multinational property consultants had trouble explaining the value of investing in Beijing real estate projects. David Hand, regional director of multinational property consulting and money management firm Jones Lang LaSalle (JLL), arrived in Beijing five years ago from Hong Kong.
David Hand said, ‘Beijing’s pace of internationalization and market development is comprehensive and dramatic. It has really been a challenge for me to educate people outside of here about the real Beijing and the real Chinese mainland to change their expectations on the economy.’
‘Five years ago, I and my colleagues had to make great efforts to explain China’s opening up and market-oriented transition to our global clients , who had no concept of China’s emerging economy.’
As one of the world’s major property consulting firm, JLL positions itself as offering clients comprehensive and integrated service. He said, ‘JLL not only provides research and consulting reports to clients but also helps them implement the advice.’
In the early stages of JLL’s mainland operation, few local clients accepted this business model.
Zhu Zhongyi, secretary-general of the China Real Estate Association, makes the point that no other marketplace has experienced such skyrocketing development. Profit-driven businesses are scrambling to keep pace with the growing economy and benefit from it.
He said, ‘At the same time as this unprecedented development, foreign property consulting firms introduced professional operation models into China, which facilitated internationalisation of the sector.’
So far, JLL China’s large clients are mainly their global clients, foreign investors and expatriates. Analysts say foreign enthusiasm for China’s real estate market may be dampened by the Chinese Government’s restrictions issued in July on foreigners’ buying houses on the mainland.
Davd Hand is not critical of the new restrictions, believing they aim to squeeze speculation and fine-tune the market.
Source: The Star