? ?
BIZCHINA / Major Cities
Robust realty in Beijing
By Hu Yuanyuan (China Daily)
Updated: 2007-08-20 06:50
It has been a carnival year for Beijing shopping malls as an all-time
high of more than 6 million sq m of commercial space has hit the market.
Even more impressive might be the size of the malls themselves - giants
with floor areas exceeding 1 million sq m account for 70 percent of the
total space, according to statistics compiled by China Real Estate
Business. Most are clustered in the capital's eastern and western
commercial hubs of Chaowai, Yansha, World Trade Center, Xidan,
Zhongguancun and Financial Street.
"This year's rapid expansion is not likely to change the overall
framework of Beijing's commercial property market. But the mass of supply
in several key areas will lead to some surplus," says Zou Yi, general
manager of Shanghai-based WISENOVA, a real estate consulting firm.
Most of the new commercial projects target medium- and high-end
customers. Most will open in the second half of the year and at the
latest before May, 2008.
"Their similar positioning will lead to intensified competition," Zou
adds, suggesting that new commercial projects should switch from
traditional centers to other locations and suburban regions.
To survive the red-hot competition, a developer has to differentiate its
product, says Eric Chan, deputy managing director of Savills Property
Services (Beijing) Co.
Several Hong Kong shopping malls provide new experiences for customers,
attracting them with novel and interesting approaches, he explains.
Some Beijing commercial projects are also striving to stand out from the
competition through distinctive amenities.
The Place poured in 250 million yuan to build an LED "Skyscreen" 250 m
long and 30 m wide suspended six stories overhead.
Nan Xincang Culture Street built by Hong Kong International Development
Co Ltd employed an historic architectural style that echoes the buildings
of old.
Even as competition increases, demand for high-end property continues to
grow, in part due to expanding numbers of international retailers.
Foreign retailers that are planning to open shops in Beijing include
Lotte from Korea, Isetam and Takashimaya from Japan and Central Group
from Thailand, according to property service firm DTZ.
Demand was voracious for retail space in all sectors in the first half of
2007, especially from brands related to sports products. Jewelers and
watch makers also arrived, with many famous names opening their first
shops in Beijing.
(For more biz stories, please visit Industry Updates)
?? ?? 1?? 2?? ??
?? ?? 1?? 2?? ??
Learn Chinese, Learn mandarin
No comments:
Post a Comment