[photopress:real_estate_taipei2_1.jpg,full,alignright]Taiwan’s real estate market is seeing new signs of life as developers and property owners hope that a new government will open the island to mainland investors.
President Ma Ying-jeou of Taiwan wants to expand business and investment links with the mainland. After his landslide presidential victory in March, two groups of mainland Chinese real estate executives made high-profile trips to Taiwan. The groups included top executives from such mainland companies as SOHO China, Agile Property, R&F Properties and Vantone Estate.
Those trips yielded only a single property deal, worth 1.3 billion Taiwan dollars, or about $43 million, but developers have said they are optimistic that more will come and are hoping for double-digit price increases this year.
Foreign buyers, including Citigroup, ING and AIG, have already been investing in commercial property in Taipei and other cities in northern Taiwan since 2007. International real estate services companies like Jones Lang LaSalle, CB Richard Ellis and Savills have also been attracted to the island.
Expectations that Ma would improve ties with the mainland helped to propel transactions in the island’s commercial property sector to 100 billion dollars last year, double the rate of 2006.
Among the hopeful executives in Taiwan is Ted Ying, a vice president of Shining Building Business, which signed the property deal: a sale of luxury homes and a store to the mainland buyers.
He said, ‘How much potential will properties have? Just look at Hong Kong. Its market size almost tripled in the past years thanks to the Closer Economic Partnership Arrangement it had with China.’ For much more on this click HERE.
Source: International Herald Tribune