The Shanghai Municipal Commission of Commerce has reported a rise in foreign investment in the city’s office buildings in 2008 against a backdrop of slump in the real estate market across China.
The city approved 58 foreign-invested real estate projects in the first 11 months of 2008, involving a total investment of $3.94 billion U.S. dollars, which was 66% more than a year earlier.
Nearly half of the investment was aimed at high-class office buildings.
A senior economic official attributed the boom of foreign real estate investment to the rising demand for luxury office building as the continuing arrivals of regional headquarters of international companies.
Source: China View