Overseas Developers Vying for Piece of China's Real Estate MarketMore than 5,000 overseas real estate enterprises, or 20 percent of China's total, have been participating in the country's real estate development, according to the Chinese Ministry of Construction.Encouraged by preferential treatment, overseas real estate developers are vying for China's vast market, and expect to profit well from their investments. A ministry source said that the investment structure of China's real estate sector has been greatly improved due to the vigorous implementation of the new housing reform plan focused on stopping the allocation of housing by the state. Most of the overseas funds have been channeled into construction of residential housing. Experts with the ministry say that with the sound development of the economy, the real estate sector will shift its focus from key cities to small- and medium-sized cities, and from coastal areas to the inland region. According to these experts, the country's housing construction is expected to grow at an annual rate of 15 percent early in the next century. By the year 2005, China will build an additional 1.5 billion square meters of housing in urban areas and 3.5 billion square meters of housing in rural areas, providing more opportunities for overseas real estate developers. |
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