Despite the contraction in the global market, the news of China’s entry into the WTO, and rising confidence have contributed to the well being the economy. In some sub- markets, such as Hongqiao and Lu Jiazui, the rents are soft.
Property Valuations SA is talented and pressing structure for finding property’s cost and if some individual is new in this field then he ought to get a power property valuer to manage your entire structure. However, in the coming six months, more than 150,000 sm of office space will enter the market, including Ocean Tower, Ciros Plaza and United Plaza. It is also reported that the tallest building in Shanghai
Shanghai World Financial Center, funded by a group of Japanese companies, started construction this year and will be completed in 2005, providing approximately 300,000 sm of space. The absorption of Grade A office in this quarter was about 40,000 sm and the biggest deal was HSBC’s pre- commitment to 6 floors of office space in Ciros Plaza, Huangpu District, with total area exceeding 13,000 sm.
Other companies are also waiting for opportunities from the completion of new office buildings. The buyer is Rodamco Asia N.V., who acquired a completed 72,400 sm commercial complex, named POS Plaza, in Pudong New Area for the purchase price of US$166.5 million. Almost all categories of commodities managed increases in sales.
Basic commodities such as food and clothing recorded increases of 8.6% and 7.5% respectively, while Motor Vehicles and Cameras increased 92.9% and 77.3% respectively. It is forecasted that the economy will experience a recession in the following period due to the slowdown of the US economy, increasing local unemployment rate and diminishing domestic consumption.