GUANGZHOU: Despite the shrunken demand for retail space due to the global financial crisis, units in prime areas continue show resilience in 2H2009.
In the residential market, developers are also planning the launch of new retail units for sale in the main parts of Pearl River New City in anticipation of the upcoming Asian Games in November 2010, according to the Real Estate Investment Market Bulletin 2009 by Colliers International.
Residential and office markets rebounded to a five-year high during 1H2009 from the bottom in 4Q2008 when local developers and investors benefitted from weakened markets by acquiring real estate assets for future capital gains.
Important sales transactions during 2Q2009 include the acquisition of the 10-storey R&F Winner Plaza by the China Development Bank, as well as the China Aoyuan Group buying a 70% stake of Tianyu Phase IV project from Skyfame Group.
Policy highlights that were nonetheless welcome include lowered business taxes and interest rates by local banks. Additionally, the local government introduced 15 rules to promote healthy development of the local real estate market.
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