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People's Daily Online>>China Business

Shanghai scores high in property ranking

(Shanghai Daily)

09:16, December 08, 2011

Shanghai ranks second in the Asia-Pacific, trailing only Singapore, for both real estate investment and development prospects in 2012, according to a joint industry survey.

In 2011, Shanghai was No. 2 for property investment and No. 3 for real estate development, according to a joint report released yesterday by the Urban Land Institute and PricewaterhouseCoopers LLP, which collated opinions of more than 360 real estate professionals including investors, developers, property company representatives, lenders, brokers and consultants. The number of respondents was a 30 percent increase from 2010.

"Our respondents have agreed that Shanghai's strong economic growth will continue to attract institutional capital," said Patrick Phillips, chief executive officer of ULI.

The key focus of the report remains office space due to continued high demand and short supply in the city, which has received the second-highest percentage of "buy" recommendations for office space among the 21 markets surveyed across the region.

More than half of the respondents have a "buy" recommendation for the city's retail property because of strong demand from domestic consumers boosting retail growth. Sentiment toward rented residences, however, seems to be equally divided among "buy," "hold" and "sell."

Chongqing, Beijing and Guangzhou also secured a Top 10 spot in both investment and development opportunities.

Overall, respondents were slightly less positive about the outlook for Asia Pacific economies than a year ago, according to the survey.

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