[photopress:c_pratt.jpg,full,alignright]Swire Pacific is looking at undertaking more property development projects in mainland China. The chairman of Swire’s Christopher Pratt, was quoted by Sing Tao Daily in The Standard (they are sister publications) as the source for this report.
Christopher Pratt, seen here, said, ‘We’ve got offices and people in China looking at opportunities.’
The conglomerate, which has three residential and commercial projects in the mainland, has yet to decide where its next project will be. Its developments are in first-tier cities such as Beijing, Shanghai and Guangzhou. Swire has invested RMB21 billion and its projects involve 654,037 square meters of gross floor area.
Pratt said land acquisition costs are rising, as illustrated in the August sale of a prime commercial site in Shanghai, which went under the hammer at a record RMB66,930 per sq m.
He said, ‘We are satisfied with our pace of China expansion. . . . Undoubtedly there will be bumps in the road, but I am confident that there is great momentum in China, and I don’t see an end to the growth any time soon.’