[photopress:Yuyuan_Gardens.gif,full,alignright]International fund managers are showing more and more interest in investing in China’s property market, encouraged by the country’s fast growing retail sales.
US-based CarVal Investors and China Real Estate Partners announced last week their first retail property in China – Dragon Gate Mall in Shanghai. The project is worth US$120m and is a mixture of shopping, dining, cultural and entertainment facilities in Shanghai’s popular tourist spot of Yuyuan Gardens (shown in photo).
In an interview last month, Stephen Roth, president of China Real Estate, said ‘Retail is growing very rapidly because of the emerging middle class and increasing disposable income.’
According to China’s statisics bureau, retail sales rose 14.7% to US$185.9bn in the first two months of this year from a year earlier. Per-capita disposable income in urban areas rose 12.1% in 2006.
Source: Shanghai Daily and WATAsia Research
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