Center

Varied property results in Beijing and Guangzhou

(Shanghai Daily)
Updated: 2007-04-24 14:03

Retail

Four primeretailproperties

opened in Beijing in the first quarter - Gate City Mall, Landao Jinyu Department Store, Ginza Mall and The Place - bringing total prime property area to 3.45 million square meters as of March 31.

The average rent for ground floor space in shopping malls increased one percent to 29.7 yuan per square meter per day and the average retail vacancy rate also rose 0.1 percentage point to 6.4 percent from a quarter earlier due to adequate new supply.

Meanwhile, world classretailingbrands - including Louis Vuitton, Gucci, Hugo Boss, Prada, Chanel, Zegna, Cartier and Giorgio Armani - have already shown great interest in new shopping centers, which are scheduled to open later this year. And at the same time, Tesco, the United Kingdom's No. 1 retailer, also opened its first store.

In Guangzhou, rents for ground-floor and first-floor shops edged up 2.4 percent and 0.9 percent respectively to 18.8 yuan and 11.8 yuan per square meter per day in the first quarter.

Residential

Demand for luxury units

softened slightly in Beijing in the first quarter. The average rental of luxury apartments dropped three percent to 101.7 yuan per square meter per month and that of luxury villas fell 0.7 percent to 138.1 yuan per square meter per month. In the serviced apartment sector, the average rental dropped 1.3 percent from a quarter earlier to 208.1 per square meter per month.

However, despite a newly introduced government policy to curb foreign investment in luxury residential properties, the average sales price for luxury apartments and villas rose 2.1 percent and 4.9 percent to 22,623 yuan and 21,636 yuan per square meter respectively in the first three months, mainly because of the launch of a number of high quality properties during the period.

In Guangzhou, rents for luxury apartments and serviced apartments rose 1.2 percent and 1.1 percent to 61.1 yuan and 177.7 yuan per square meter per month respectively. The rise was driven by buoyant demand for high-quality downtown residential accommodation,

Rents for villas dropped 1.7 percent to 144.4 yuan per square meter per month from a quarter earlier.