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Cool breeze from Hong Kong?
http://www.sina.com.cn 2004/05/24 10:21  上海英文星报

  AFTER CITIC expressed caution about investment in local real estate, another Hong Kong real estate business, the Hang Lung Group, also said they would be avoiding new projects in the city for the moment, the Shanghai Youth Daily reported.

  An official with Hang Lung, which developed Plaza 66 - one of the highest buildings in the Puxi area, said the reason for their slow down was the additional regulations and more complicated policies covering the real estate sector in Shanghai these days. They would shift their focus to other places in China.

  "The western part of China is the place we are now paying especially high attention to," he said. "Of course, the possibility of Hang Lung's returning to Shanghai after five to seven years also exists."

  The insider said the adjustments in economic policy presently underway were no cause for worry. He thought it was possible they might calm the overheated economy. "It is possible they could dampen down the rocketing prices of real estate."

  Hang Lung was not the first tycoon to step back from the Shanghai real estate market. On May 10, CITIC said they would scale back business activities covered by new government policies designed to rein-in investment growth.

  Hong Kong developers thronged into the Shanghai property market about 10 years ago. What was distinctive about the Hong Kong business strategy was that it aimed to hold land as an investment rather than immediately developing it.

  "So Hong Kong business people froze their investment after obtaining the land. This didn't mean a big problem existed in the local real estate market, nor that developers would stop investing," said one insider familiar with Hong Kong real estate businesses.

  Xiao Min




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