Property buyers piled into China’s commercial and retail real estate in the three months ended June even as the country was barely out of its coronavirus outbreak, outpacing demand across the rest of the Asia-Pacific region, according to a report, reported the South China Morning Post.
Second-quarter investment volume jumped 95% to $8.4 billion compared with last year, according to data by Real Capital Analytics (RCA). First-half volume fell 23% from last year to $14 billion, owing to nationwide quarantines to contain the coronavirus outbreak in the first three months of 2020, the data showed.
“There was one stand-out market in the Asia-Pacific that roared back to life in the second quarter,” said the New York-based research firm, which tracks deals worth at least $10 million. “Investment in China nearly doubled from last year , reversing a slump of more than 50% in the previous quarter.”
“Throughout 2020, China’s deal count consistently tracked above last year, underscoring how little the [corona]virus has disrupted real estate investment across the country,” RCA said. “Office, retail, and industrial sales volume in China all grew in the second quarter.”