ST : China's property market tipped for further growth

Jun 2, 2010

sme spotlight

China's property market tipped for further growth

EVEN though it is a relatively new industry, China's property market has a huge potential to grow over the next decade or so, said Mr Zhu Zhong Yi, vice-president of the China Real Estate Association.

Mr Zhu was in Singapore yesterday to speak at the inaugural Singapore Sino Property Investment Forum held at Orchard Parade Hotel.

Speaking in Mandarin, he said that to ensure healthy growth and stability in the property market, China needs to adopt a number of measures.

He said the Chinese government and industry players should focus on raising living standards and ensuring that people can afford to own property.

To do that, the government has to properly regulate market prices, he added.

Mr Zhu noted that property prices are rising at different rates in different parts of China. The government needs to introduce some control to ensure the stability of the property market, he said.

He added that residential property development in China should be sustainable.

A sustainable approach benefits the environment, and it also brings about about cost-savings for developers, he said.

Other speakers at the forum included Ms Lim Bee Imm, senior manager of property sales at leading local developer Far East Organization, and Mr Nicholas Mak, a real estate lecturer from Ngee Ann Polytechnic.

LEE YEN NEE