Arab Today, arab today capitamalls asia plans to expand chinese projects
Last Updated : GMT 22:03:31
Arab Today, arab today
Arab Today, arab today

CapitaMalls Asia plans to expand Chinese projects

Arab Today, arab today

Arab Today, arab today CapitaMalls Asia plans to expand Chinese projects

Beijing - Xinhuanet

CapitaMalls Asia Ltd, one of the largest commercial property developers in the Asian region, will open 15 new shopping malls in China by 2013, the company\'s top management said. The Singapore-based company currently develops, owns and manages 96 malls in Asia, including 55 in China, 20 in Singapore, nine in India and five in Malaysia. \"China may replace Singapore as the largest revenue contributor for us next year, as we are going to open more malls on the mainland,\" said Lim Beng Chee, CEO of CapitaMalls Asia. In the first half of 2011, Singapore and China each contributed around 40 percent of the company\'s total revenue, according to Lim. The company plans to open three malls in China this year, six in 2012 and a further six in 2013. Though a large number of Chinese property developers have jumped on the commercial property bandwagon in response to the government\'s rigorous measures to cool the residential sector, Lim said it is hard to say that there has been a bubble in the country\'s commercial real estate market. \"China\'s strong economic growth momentum and the government\'s determination to stimulate domestic consumption have provided many opportunities,\" said Lim. According to Liew Mun Leong, chairman of CapitaMalls Asia, if China\'s current domestic expenditure of 33.8 percent of its nominal GDP of 39.4 trillion yuan ($6 trillion) rose to 50 percent of nominal GDP, the increase in domestic spending would be approximately 6.4 trillion yuan, indicating huge potential for retailers and commercial property developers. Meanwhile, along with China\'s quickening urbanization process, city dwellers are now changing their shopping habits and purchasing their domestic necessities in malls. \"If this trend is maintained, we estimate that China alone will need some 12,000 additional shopping malls to cope with the change in shopping habits,\" said Liew. The strong growth in retail property rents also provides convincing evidence of a robust market. \"Based on strong demand, the average rent in Beijing\'s retail market grew steadily, and in the third quarter of 2011, net effective retail rents reached 679 yuan a square meter (sq m) a month, an increase of 8.8 percent year-to-date and an 11.8 percent rise year-on-year,\" said Jason Chang, head of Retail, North China at Jones Lang LaSalle (JLL) Beijing. Due to the repositioning of shopping malls and fierce competition for limited retail space, JLL predicts that monthly rents will surpass 700 a sq m in the fourth quarter, an increase of approximately 12 percent year-on-year. CapitaMalls Asia\'s secondary listing in Hong Kong made its trading debut on Oct 18.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today capitamalls asia plans to expand chinese projects Arab Today, arab today capitamalls asia plans to expand chinese projects

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Rebel supporters flood Yemen streets

GMT 06:39 2017 Monday ,27 March

Rebel supporters flood Yemen streets
View News in Arabic - Business: عقارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Nermein Al Fekki films “Foxes in the Valley”

GMT 09:58 2017 Saturday ,25 March

Nermein Al Fekki films “Foxes in the Valley”
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday