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Glut risk may curb mixed-use projects
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A high risk of oversupply, especially in large second-tier cities, may slow development of mixed-use commercial real estate projects in China over the next five years, international property advisor Knight Frank said in a latest report.
About 885 mixed-use property projects, which usually incorporate a combination of office, retail, hotel, serviced residence, exhibition, conference or entertainment, are set to be completed in major Chinese cities this year, up 24.5 percent from 2013. In 2015, there will probably be more than 1,000 projects and the figure is expected to rise to 1,200 in 2018, according to Knight Frank’s forecast.
“A huge number of mixed-use real estate projects are under development around the country, the majority located in large-sized second-tier cities,” said Alan Sun, national director of landlord project services at Knight Frank.
“By 2015, four cites will see new supply of mixed-use development exceed 20 million square meters, and three of them are large-sized second-tier ones.”
The new supply of mixed-use projects in major cities countrywide will total 360 million square meters in 2015 and exceed 430 million square meters after 2016, Knight Frank said.
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