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China's Property Market

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China's Property Market CEDAR China’s Property Market: Too Big To Fail? Strategic Dr Charlie In, Executive Chairman of Cedar Strategic Holdings Ltd, says China’s outlier cities like Bijie in Guizhou Province could be China’s next hotspot Contrary to the views of observers that China is China's economy continues to be on an This means that there are huge untapped facing a property bubble, those who have visited upward trajectory opportunities for cities with urbanisation rates that southwest China will bear testament that the Having said that, the Chinese economy are below China's current 50%; the lower the property market there remains hugely attractive, continues to be on an upward trajectory; growing urbanisation rate, the greater the upside to be with growth most apparent in the third- and in the high single-digits while the rest of the gained in terms of housing demand and domestic fourth-tier cities. Commentators frequently world languishes behind the United States consumption. bemoan China's slowing economy and the reported a 1.9% growth in 20134 while Europe China's urbanisation is currently in a critical millions of properties left uninhabited flat-lined with GDP contracting by 0.4% in the transition period, having achieved a 2.8% CAGR nationwide. Yet, there remain hidden gems in Eurozone.5 By contrast, GDP growth in China for in urbanisation ratio between 2001 and 2012. A these untapped areas/opportunities. Q1 2014 expanded 7.4% year-on-year, according United Nations report on World Urbanisation China's property sector is “too big to fail” – to its National Bureau of Statistics, with the Prospects predicts that China will maintain a 16% of direct contribution to GDP World Bank forecasting China's GDP growth to relatively fast rate of urbanization between now The property sector's slowdown in recent hit 7.6% and 7.5% in 2014 and 2015, and 2030, when the level of urbanization will years has been in part engineered by the Chinese respectively. This positive view on the Chinese reach 65-70%. Many domestic and international government, which has been trying to curb a economy is also shared by Deutsche Bank, which research institutions and experts have made US$6 trillion shadow-banking industry and predicts an 8% GDP growth for the country next similar predictions. The Chinese government reduce overcapacity and pollution.1 year. The fastest growing province in China is estimates that 60% of its population will live in The slowdown has already taken a toll on currently Guizhou, which reported a remarkable urban areas by 2020, compared with about 53% local governments' fiscal revenues. According to double-digit growth of over 20% in 2012. last year. This translates to 115 million new urban the National Bureau of Statistics, the growth of In addition, China's growth is supported by residents, a Deutsche report states.7 new builds/developments, a leading indicator of robust policies that aim to move China towards a At present, more than 10 million rural residents property investment, fell 27.2% year-on-year in quasi-capitalist industrial base that houses high- move to the city each year in China. It is expected the first quarter, while sales in residential areas value industries like IT, cleantech and service that in the medium- to long-term, China’s urban contracted by 5.7%. Statistics released by the businesses, as opposed to low value population will increase by approximately 300 Ministry of Finance on 19 May 2014 showed manufacturing and freer market trading million, which is the equivalent of the entire taxes related to the property market contributing environments. Furthermore, the nation's population of the United States, said Chinese lesser to the growth of local fiscal revenue; lawmakers are consciously migrating the Premier Li Keqiang at a seminar of cadres at the business tax for real estate was down by 4.2% in country’s industrial hubs westward beneficiaries provincial and ministerial level on promoting April. include outlier cities like Bijie, and its county, urbanisation, organised by the Central The market slowdown has prompted local Jinsha, which is quickly becoming the heartland Organization Department, Chinese Academy of governments into action as the property sector is of Guizhou Province. Governance, and the National Development and and remains a key growth driver of the nation's The introduction of high-value industries in Reform Commission in September 2012.8 economy, contributing some 16% of gross such places is significant. Not only do they With these signs of growing housing demand, domestic product (GDP) and 25% of fixed- provide employment opportunities for local Cedar Strategic Holdings Ltd (CSH) is making asset investment, and has significant spillover workers, but they also pay more and create greater strategic investments into China's residential effect to over 60 industries.2 disposable income for these urban residents, market by beach-heading into the fast growing Considering the importance of the property which in turn has a direct impact on domestic Jinsha County and Bijie City of Guizhou sector to its economy, several city governments consumption, including spending on residential Province. have announced loosening measures, including properties and tourism. Guizhou Province is the fastest growing the relaxation of purchase restrictions, lower China is a fast urbanising nation, targeted to provincial economy in China down payment requirements and easier access to reach 70% by 2030 Located in southwest China, Guizhou Province local bank mortgages. The central bank was Since the 18th National Congress of the adjoins Sichuan and Chongqing to the north, reported to have asked banks to speed up Communist Party of China, the nation’s approach Yunnan to the west, Guangxi to the south and mortgage lending, set mortgage rates at to urbanisation has become a top priority and Hunan to the east. It is a picturesque place with reasonable levels and do more to meet first- been raised to the level of national strategy. In abundant natural and cultural scenic spots, and home buyers’ mortgage requirements.3 this context, urbanisation relates to the physical has in recent years enjoyed rapid development. Sheng Laiyun, a spokesman for the statistics growth of urban areas as a result of rural Data from the China’s Statistical Yearbook bureau, said that “the property market has had resettlement into modern houses and increasing 2013 shows Guizhou Province as the fastest new developments including falling prices in suburban concentration, as well as the processes growing provincial economy in 2012 with a third and fourth-tier cities... relevant by which rural residents migrate to live and work growth rate of 20.2%. For the first three quarters departments will closely follow the changes in in cities and suburban towns. Effective urban of 2013, Guizhou tied for first place with Tianjin, the property market and improve property planning places equal emphasis on large cities, with a growth rate of 12.6%, followed by macro-control policies accordingly,” in what medium-sized cities, satellite suburbs and large Chongqing, with a growth rate of 12.4 percent.9 can be interpreted as a sign and willingness of towns.6 Bijie City's remarkable GDP growth spurring the Chinese government to introduce “targeted Urbanisation is a lengthy process. It can be strong demand for housing easing” following years of tightening measures. divided into an initial period with an urbanisation Located in the northwest of the Guizhou Many economists believe a persistent and rate of less than 30%; a development period with Plateau, Bijie borders the Sichuan Province and sharper downturn in the property sector is the the rate between 30% and 70%, and mature period Yunnan Province, and is now part of a nationwide biggest risk to China's economy in the next with a rate surpassing 70%. A post-rural society economic campaign known as the "Great Western couple of years and with the property sector can be divided into four types: a low-level Expansion", initiated by the central government. playing such an important role in the nation's urbanised society with an urbanisation rate In accordance to the Bijie-Dafang City Planning economy, it's unlikely China's politburo will between 51% and 60%; a mid-level urbanised 2010-2030 programme, plans and construction are allow such a scenario to happen; China cannot society with a rate from 61% to 75%; a high-level underway to upgrade aged infrastructure, improve afford a collapse in any of their key sectors like urbanised society with a rate from 76% to 90%; the natural environment and strike a harmonious banking and property. and a completely urbanised society with a rate balance between urban and rural areas. exceeding 90%.6 1 Related to the programme and by virtue of its Bijie Feixiong Airport “China may soon loosen property cooling measures, prime geographical position, there are plans to Citigroup says”, South China Morning Post, 18 help develop and transform Bijie into a regional April 2014 2 transportation and logistics centre in the “Property market ‘too big to fail’?”, China Daily, 29 May 2014 intersection of Sichuan, Chongqing and Guizhou, 3 “Chinese cities expected to ease property serving China's southwestern region. The city regulations”, Xinhua, 19 May 2014 opened its first and new RMB1 billion-airport, 4 “U.S. GDP grew 2.6% in the Fourth Quarter 2013, Bijie Feixiong Airport, on 16 June 2013.10 up from last estimate”, Forbes, 27 March 2014 Home to the Guizhou-Bijie Economic With an average home measuring 100 sqm, this 5 “Eurozone GDP growth gathers speed”, BBC Development Zone, Bijie City stands to benefit translates to a demand of 3.25 million sqm of News, 14 February 2014 6 greatly from China's present and future trajectory, GFA to be built and sold each year! This “New Approaches to China's Urbanisation”, China Today, 16 August 2013 which is quickly attracting high-value and service number could possibly be higher as local 7 “China ‘still a sound place to invest’”, The Straits orientated business, and boasting attractive intelligence suggests officials are aiming for a Times, 25 May 2014 demographics.
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