Shanghai a ‘beachead’ for property investors
With Hong Kong property prices among the world’s highest, and English spoken often in the Shanghai business community, the Chinese mainland city has become the place for US investors to establish a real estate “beachhead” in China, according to a report on the outlook for the Asian real estate market.
“In the beginning they gravitated to Hong Kong because it was the financial capital, a lot of people spoke English and the business practices were different but understandable,” said Stephen Blank, a senior fellow with Washington-based Urban Land Institute, who researched the report with PriceWaterhouseCoopers.
The recently released report, Asia-Pacific Emerging Trends in Real Estate 2014, ranked Shanghai second out of 23 Asian cities in terms of investment prospects.
Tourists wear filter masks in Beijing on Wednesday to avoid inhaling pollutants. Hebei, Beijing, Tianjin, and five provinces in central and eastern China have suffered heavy smog recently.