Capitaland: CEO said yesterday that demand for residential properties in China remains strong, although prices might drop slightly in certain regions and that grp intends to expand its shopping mall portfolio in China to capitalise on strong consumer demand.
China's efforts to cool its property market have shown modest signs of success, with housing transactions falling for the first time in three mths in October by 25% from Sept. However, with about 5,000 residential units set for development in second-tier Wuhan city over the next few yrs, do not expect prices to drop too sharply in China, which makes up about $10b, or 36% of CapitaLand's portfolio.
Prices will certainly be adjusted downwards, he added, although reiterated that real housing demand in China, which excludes speculative buying remains very strong and the Co. is also exploring expanding its shopping mall portfolio to boost revenue. In SG, the Co. will launch the 99-yr leasehold Bedok Residences by the end of the yr, despite slowing demand here.
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