2006年中国房地产（金融）市场概览
Overview of PRC Real Estate (Finance) Market 2006
饶剑刚
【关键词】中国 房地产 金融
【全文】
1. OVERVIEW
Although the PRC Central Government has made many efforts to control or cool down the real estate market from last year (a list of these efforts can be provided upon request), the market is still expanding fast.
(1) Housing prices have not dropped as the Central Government expected. Except Shanghai and Dandong (a middle-sized city in the Northeast of China), all other cities (first level and second level) have been experiencing fast rising housing prices. Evidences show, but for the Medicare Fund scandal happened in Shanghai and its effects on the Shanghai real estate sector, the housing prices in Shanghai would not have fallen.
(2) Foreign investment into the China real estate market has not been held back, as many people expected. Since the promulgation of the famous Rule 171, many people thought it would put off foreign investors. But facts show that this Rule has only affected those who were engaged in speculation in the China real estate market. The really big investors, such as Goldman Sachs, Morgan Stanley, ING, Deutsche Bank (and its RREEF), City Group, Macquarie, Capitaland, Standard Chartered Investment and other major Hong Kong investment institutions are as keen as ever on the China real estate market. Many big deals have been and are taking place in China. As Carl Rudolph, Chief Executive of RREEF Asia, said, the macro control measures make them believe that the (China real estate) market will be developing steadily and now is the best chance for them to enter.
(3) Foreign investors are deepening their investment in the China real estate market. In previous years, foreign investors preferred to purchase office buildings and commercial centers in major cities such as Beijing and Shanghai. Now they are competing to invest in high quality residential buildings and invest in the second level cities such as Chengdu, Wuhan, Chongqing, Tianjin and Zhuhai etc..
