Investors Scooping Up Huge Bargains in China
If you have a bundle of cash or access to credit, take a look at the commercial real estate market in China. The combination of a real estate slowdown and a tightening credit in China have left many huge projects dead in the water.
Investors like Vincent Lo have been buying properties for yaun on the dollar. A great example of this is the Ruiqi Building, a high end 925,000 square foot office and apartment complex was purchased for 60 million dollars almost guaranteeing Lo a profit when it is completed.
So if you have the money and like to gamble, China’s commercial real estate market may have some deals for you.
Since China’s real-estate market began to slow late last year, Mr. Lo and a growing number of foreign funds and cash-rich domestic developers are finding opportunities all around. Many are coming at the expense of China’s estimated 50,000 small developers, which borrowed heavily last year to purchase land. Now, many are folding or seeking aid as the overall market sputters and some cities in China’s southern provinces see outright slumps.
In part, the slowdown is the result of Beijing’s efforts to rein in torrid growth, a development that has made lenders stingier. Property brokerage DTZ estimates that bank loans to the industry will fall by about 25% this year to 880 billion yuan compared with last year. via WSJ.com
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