Hot property in Tianjin
Updated: 2008-01-07 14:59
The prosperous northern city of Tianjin has joined Beijing and Shanghai as a hot spot in China's booming real estate industry.
A batch of leading property developers are targeting the city as their next business focus, despite strict industry rules and regulations issued by the government.
Tianjin Binhai New Area is the growth engine. It is China's third special economic zone after the Shenzhen Special Economic Zone and Pudong New District, enjoying national preferential policies.
Its strategic economic position has attracted a score of large-scale investors from home and abroad, setting off a property development fever.
"Tianjin is one of three locations in China that will facilitate local business expansion in the next three years," says Feng Lun, president of Beijing Vantone Real Estate Co Ltd.
Vantone is a leading Chinese property developer targeting the high-end segment. Beijing has been its major battlefield since it was established in 1993. But that changed in 2004 when Vantone began looking at Tianjin, partnering with Tianjin TEDA Group to tap the local real estate market. Now Vantone is a familiar name in the local market.
According to the company's website Vantone expects to develop an additional 15 million sq m per year of residential flooring space in Beijing and Tianjin over the next four years.
Guangzhou R&F Properties Co Ltd is another player with its sights on Tianjin. In 2004, R&F set up Tianjin R&F Properties Co Ltd, with an initial investment of 1.5 billion yuan ($206.04 million), and began its first project in the city. Last year it allocated another 5 billion yuan for its second Tianjin project.
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