Shotgunner51
RETIRED INTL MOD
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I think China success could be its property law (I'm not sure how it works, i'm hoping some of you can cover this).
Jarkata or Delhi for example have narrow roads and crippling traffic jams (pre-colonial planning). But in China, they seem to be able to evict homeowners for complete rebuilding of the city.
In Malaysia, some parts of the old town are deserted, with little commercial interest. Plus property owner would be heavily compensated making it uneconomical for that to happen.
Unlike manufacturing industry which attracts a lot of spotlight, real estate market receives relatively less international attention especially in the early years despite being one of the fastest growing segment in Chinese economy. Similar to manufacturing, the fast growth owes its contribution to a very open-minded government, as well as FDI.
Various levels of governments (especially in those 14 coastal cities first open to reform since 1978) were ambitious, eager to learn, willing to take advices and efficient in their executions. Manufacturing is not the only sector China government is attending to.
Regarding FDI, if manufacturing was led by Taiwan, then real estates was undisputedly led by Hong Kong (and to a lesser degree Singapore), and that's one the reasons why during the early 1970's FDI from Hong Kong accounts for 70% of total inflow. Capital, and more importantly talents, came into China representing all professions in this industry e.g. urban planning, logistics/transportation, architect, quantity surveying (测量), interior design, natural landscaping (景观), construction, property management, fund/project management, retail, leasing etc. As a Shanghai resident, I am a witness of this historical event. Major foreign developers include:
Cheung Kong (Holdings) Ltd
Henderson Land Development Co. Ltd.
Great Eagle Holdings Limited
Sun Hung Kai Properties Ltd
Swire Properties
Pacific Century Premium Developments
Hutchison Whampoa Properties Limited
Sino Land Company Limited
Kerry Properties Limited (Singapore/Malaysia)
Wheelock Properties (Hong Kong) Limited
New World Development Company Limited
Hang Lung Properties
China Overseas Land & Investment Limited
MTR Corporation Limited
CITIC Pacific
LIPPO Group (Indonesia)
Chinachem Group
Nan Fung Group
These 14 city governments, combined with HK-led FDI, initiated the 1st wave of development, and then the development go in-land and nationwide, just like manufacturing. After 35 years of development, a lot of homegrown giant developers have surfaced and by now they are the key driving force of urbanization, here are top 10:
China Vanke (万科地产)
Greenland Holding Group (绿地集团)
Wanda Group (万达集团)
Poly Real Estate Group (保利地产)
China Overseas Property (中海地产)
Country Garden (碧桂园)
Evergrande Real Estate Group (恒大地产)
China Resources Land Limited (华润置地)
Shimao Property (世茂房地产)
Greentown China (绿城中国)
As developers acquire experience and skills, one dimension of growth strategy is to increase focus/specialty in a particular vertical segment, ranging from industrial park, transportation hub, commercial hub, leisure/amusement district, residential park, port city (and airotropolis), and even city operation (城市运营). As the real estate developers getting bigger and more sophisticated, they will be capable to fulfill their tasks required by more demanding urban planners, both coastal and inland.