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Diverse properties sought as city has strong 3rd quarter for real estate investment
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SHANGHAI'S real estate investment market saw a strong third quarter with money, both domestic and international, continuing to chase diversified properties, major international real estate services providers said.
Seven major investment deals, with a total consideration of 7.1 billion yuan (US$116 million), were concluded during the July-September period, according to a latest research released by Savills, a UK-based property consultancy firm.
"Investors have been looking at a full range of asset types -- business parks, residential, affordable housing and logistics -- as stabilized office assets remain hard to come by and carry high price tags," said James Macdonald, head of research for Savills China. "While large funds were unable to close deals in the past quarter, many are still actively seeking opportunities."
Notable transactions registered during the three-month period included Shanghai Sunac Greentown Holding's purchase of Central Garden, a three-phase mixed-use development in Putuo District for 507 million yuan from Shanghai Haochuan Real Estate, and Top Spring's acquisition of Shama Century Park, a luxury serviced apartment project in the Pudong New Area, from JP Morgan at a price of 1.69 billion yuan.
Another trend industry analysts have perceived is that industrial assets, among all, are becoming increasingly sought after in the city, especially following the recent opening of the China (Shanghai) Pilot Free Trade Zone in Pudong.
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