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Real Estate Industry in Shanghai
China Knowledge Press, Sep 2003, Pages: 112
Starting in the 1990s, Shanghai witnessed exponential growth in both residential and commercial development, which has continued at a steady rate. Prosperity in the new century further cemented Shanghai’s top position in terms of development and demand.
According to the China Statistics Bureau, Shanghai had 2,588 real estate developers at the end of 2001, second only to Guangdong Province (3,788) and far more than Beijing (756). In 2001, the Shanghai real estate market was the second largest in China in terms of actual sales at RMB 69.47 billion or 14.3% of the national total, second only to Guangdong Province. In terms of total pre-sale gross floor area, it was the third largest (9.85 million sq m, or 11.0% of the national total) after Zhejiang and Guangdong.
Among the top 100 real estate companies by total assets in 2001, Shanghai had 37, followed by Beijing (31) and Guangdong Province (20). An analysis of developers’ ownership showed that overseas enterprises, including joint ventures and wholly-owned enterprises, accounted for 11% of the total.
The residential market dominated local real estate development, generating 88% of total actual property sales. The rest was almost evenly shared by office and other commercial properties sales. As in many developed countries, the market for secondhand properties, or so-called stock properties, has been flourishing in Shanghai. Its annual growth rate has well surpassed the new housing market. In 2002, 17.90 million sq m of second-hand properties were traded, 26% higher than the previous year.
Besides local demand, Shanghai real estate has attracted both foreign buyers and locals from other parts of China. A good example is the recent launch of Chrysanthemum Park, developed by CapitaLand of Singapore, where 65% of house owners come from Wenzhou in Zhejiang province.
Because of active investment by overseas companies, we have provided an overview of the legal, accounting, and audit aspects, and other information on local authorities dealing with real estate investment and research.
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