{"id":8449,"date":"2020-06-17T18:28:01","date_gmt":"2020-06-17T11:28:01","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=8449"},"modified":"2021-06-04T15:02:02","modified_gmt":"2021-06-04T08:02:02","slug":"china-economy-real-estate-industry-current-situation-forecasts","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/china-economy-real-estate-industry-current-situation-forecasts\/","title":{"rendered":"As China\u2019s economy reopens, how is the real estate industry coping?"},"content":{"rendered":"

Sales volumes<\/span><\/span> may have substantially declined in some sectors, but business leaders believe the country is a<\/span><\/span>ll set for a steady<\/span><\/span>\u00a0recovery<\/span><\/span><\/p>\n

\"\"
Shanghai World Financial Center skyscrapers. QiuJuSong\/Shutterstock<\/figcaption><\/figure>\n

The COVID-19\u00a0<\/span>pandemic\u00a0<\/span>has\u00a0<\/span>disrupted\u00a0<\/span>a range of industries across the world<\/span>, some<\/span>\u00a0much\u00a0<\/span>more than others. Among the sectors\u00a0<\/span>that<\/span>\u00a0<\/span>had to power through<\/span> the<\/span>\u00a0<\/span>public health crisis<\/span>\u00a0<\/span>is the real estate industry<\/span>, which\u00a0<\/span>has adopted unconventional means <\/span>of staying afloat<\/span>.<\/span>\u00a0<\/span><\/p>\n

And s<\/span>ince we\u2019re already seeing<\/span>\u00a0<\/span>signs of recovery across the Asia Pacific region, particularly in Mainland China<\/span>\u00a0where the virus was first detected<\/span>,\u00a0<\/span>the second part of\u00a0<\/span>PropertyGuru<\/span>\u00a0Asia Real Estate Summit<\/span>\u2019s live webinar series<\/span>\u00a0<\/span>focused on\u00a0<\/span>how<\/span> the\u00a0<\/span>industry is<\/span>\u00a0<\/span>co<\/span>p<\/span>ing<\/span> as China Reopens<\/em><\/span>.<\/span>\u00a0<\/span><\/p>\n

Ren<\/span><\/i>t r<\/span><\/i>e<\/span><\/i>ne<\/span><\/i>wals versus relocations<\/span><\/i>\u00a0in prime cities<\/span><\/i><\/p>\n

James Macdonald, the head of research at Savills China, shared that not much has changed when it came to occupancy rates and rent in the first quarter of the year.\u00a0The occupancy rates <\/span>surged <\/span>for\u00a0<\/span>more or less 0.5 percent<\/span>\u00a0<\/span>in <\/span>Xian<\/span>,\u00a0<\/span>Shanghai<\/span>,<\/span>\u00a0Wuhan and Nanjin<\/span>g because of the new supply that arrived in January before the pandemic escalated. <\/span>Meanwhile,<\/span>\u00a0<\/span>the\u00a0<\/span>vacancy<\/span>\u00a0rates\u00a0<\/span>slightly declined\u00a0<\/span>by\u00a0<\/span>two percent in Chongqing and 1.5 percent in Shenzhen and Chengdu, which didn’t receive any new supply.<\/span><\/p>\n

On the other hand,\u00a0<\/span>the rents in most markets dropped,<\/span>\u00a0including Shenzhen\u00a0<\/span>and Guangzhou\u00a0<\/span>at 1.5 percent,<\/span>\u00a0<\/span>but th<\/span>is was mostly because of a\u00a0<\/span>longer-term<\/span>\u00a0trend that\u00a0<\/span>they have<\/span>\u00a0witnes<\/span>sed<\/span>\u00a0over the last year.<\/span>\u00a0The numbers indicated that most tenants chose to stay instead of relocating to a new place amid the\u00a0<\/span>economic downturn.<\/span>\u00a0<\/span><\/p>\n

Residential transactions<\/span><\/i>\u00a0make a recovery<\/span><\/i>\u00a0<\/span><\/p>\n

Unsurprisingly, the travel restrictions, close sales offices and lockdowns across the globe have led to minimal domestic and foreign<\/span>\u00a0investment<\/span>s in February.<\/span> The first quarter of 2020 ended up with a 41.2 percent decline in year on year growth in first-tier cities and a 34.5 percent year on year drop in second-tier<\/span>\u00a0cities.<\/span>\u00a0<\/span><\/p>\n

The transaction volumes managed to recover by mid of May and the sales volumes surged, exceeding the weekly\u00a0<\/span>median<\/span>\u00a0<\/span>average\u00a0<\/span>by early June<\/span>.<\/span>\u00a0<\/span><\/p>\n

James said that the price growth already started to slow down in 2019 after it peaked in late 2018.\u00a0<\/span>\u201cPrices flatlined in February, though it began making a recovery in March which carried through and strengthened further in April, particularly in second- and third-tier cities.\u201d<\/span>\u00a0<\/span><\/p>\n

He added that first-tier cities still implemented stringent measures in place to manage price growth, which <\/span>remained<\/span>\u00a0strong since they did not see the same rebound in price growth.<\/span>\u00a0<\/span><\/p>\n

\"\"
A shopping mall in Wuhan city during the lockdown. MarkBrandon\/Shutterstock<\/figcaption><\/figure>\n

Retail consumption<\/span><\/i>\u00a0gr<\/span><\/i>ew<\/span><\/i>\u00a0steadily<\/span><\/i>\u00a0<\/span><\/p>\n

Retail sales grew by around <\/span>seven<\/span>\u00a0to eight percent<\/span>\u00a0year on year towards the end of 2019. Understandably, because of the pandemic, the sales dropped significantly by around 20\u00a0<\/span>percent<\/span>\u00a0in the first two months of 2020.<\/span>\u00a0<\/span><\/p>\n

T<\/span>he said <\/span>decline<\/span>\u00a0affected consumer categories differently.<\/span>\u00a0Food consumption<\/span>, for one,<\/span>\u00a0rose by 20 percent<\/span>.<\/span>\u00a0<\/span>C<\/span>ommunications, medicine, daily goods and cosmetics\u00a0<\/span>grew\u00a0<\/span>by around 10 percent.<\/span> Other more discretionary purchases, like automobiles, furniture and jewellery were\u00a0<\/span>heavily impacted.<\/span>\u00a0<\/span><\/p>\n

\u201cSome of those did see a rebound [<\/span>in terms of<\/span>] deferred purchase versus just more destructive purchases. We did witness some people coming back out of the lockdown and decided to buy that car that they’ve postponed purchasing in February<\/span>,<\/span>\u201d added James.<\/span>\u00a0<\/span><\/p>\n

Despite all this<\/span>, the consumer confidence still remains at an\u00a0<\/span>all-time<\/span>\u00a0high\u00a0<\/span>though<\/span>\u00a0<\/span>they saw <\/span>a<\/span>\u00a0slight drop in numbers.\u00a0<\/span>As for online retail sales, the volume has been steadily increasing from eight percent in January 2014 to 25 percent in January 2020.<\/span>\u00a0<\/span><\/p>\n

Commercial businesses\u00a0<\/span><\/i>turn to<\/span><\/i>\u00a0<\/span><\/i>technology<\/span><\/i>\u00a0<\/span><\/p>\n

As\u00a0<\/span>the local government began to ease movement restrictions and allowed commercial businesses to operate,\u00a0<\/span>founder and CEO of\u00a0<\/span>TechNode<\/span>\u00a0<\/span>Dr. Gang Lu<\/span> said that they have been seeing increased use in technology, which has been available to the public for <\/span>a couple of years now.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cThe pandemic did not create something new in the tech space, but it basically just pushed everything much, much faster than before,\u201d he clarified.<\/span>\u00a0<\/span><\/p>\n

He shared some examples on how businesses across China are using\u00a0robots in their day-<\/span>to<\/span>-day operations,<\/span>\u00a0<\/span>such as\u00a0<\/span>a<\/span>\u00a0<\/span>bot t<\/span>hat can<\/span>\u00a0<\/span>serve as a waiter inside a restaurant<\/span>, a\u00a0<\/span>bot that<\/span>\u00a0can<\/span>\u00a0<\/span>deliver goods to\u00a0<\/span>hotel\u00a0<\/span>guests,<\/span>\u00a0a<\/span>\u00a0bot that can<\/span>\u00a0<\/span>advertise<\/span>\u00a0products or guide lost shoppers\u00a0<\/span>in a mall<\/span>, a bot that can monitor passengers\u2019 behaviour in an airport, <\/span>a<\/span>n AI that can monitor the temperature of\u00a0<\/span>people entering an establishment and much more.<\/span>\u00a0<\/span><\/p>\n

Meanwhile, others have resorted to e-commerce t<\/span>o reach out to potential consumers in the comforts of their own homes<\/span>. Some have even<\/span>\u00a0<\/span>begun<\/span>\u00a0using\u00a0<\/span>social media\u00a0<\/span>platforms, such as short<\/span>-form video\u00a0<\/span>sharing platform\u00a0<\/span>TikTok<\/span>.\u00a0<\/span>Dr. Lu\u00a0<\/span>said tha<\/span>t<\/span>\u00a0it\u2019s not just celebrities using this method<\/span> since the f<\/span>ounder of Baidu Robin Lee<\/span>,\u00a0<\/span>CEO of\u00a0<\/span>Gree<\/span>\u00a0Dong Mingzh<\/span>u<\/span>\u00a0and other\u00a0<\/span>high-profile<\/span>\u00a0company leaders have opted to sell their products online.<\/span><\/p>\n

More: Winners of Asia Property Awards (Mainland China, Hong Kong, Macau) wage war against the virus, succeed months later<\/strong><\/a><\/p>\n

L<\/span><\/i>ocal developers remain resilient<\/span><\/i>\u00a0<\/span><\/p>\n

Winston Lee,\u00a0<\/span>the director of special projects at\u00a0<\/span>PropertyGuru<\/span>,<\/span>\u00a0said that<\/span>\u00a0\u201csome very creative Chinese developers still managed to sell properties, even during the COVID-19 lockdown.\u201d<\/span> According to local news<\/span>, a massive Chinese developer has managed to sell 47,540 units worth CNY50 billion<\/span>\u00a0during the lockdown<\/span>.<\/span>\u00a0<\/span><\/p>\n

He said that \u201cthey pretty much\u00a0<\/span>digitised<\/span> their whole real estate sales and marketing process from beginning to end, such that people can view property, people can evaluate property, people can choose property and people can make payments without the need for personal<\/span>\u00a0appearance<\/span>.\u201d<\/span>\u00a0<\/span><\/p>\n

By March, when the country has pretty much recovered, home sales tripled across major cities in China. “The key reason is the pen<\/span>t up demand where people cannot buy property in the first two months of the year so when the country reopened in March, a lot of people rushed to buy property,\u201d said Winston.<\/span>\u00a0<\/span><\/p>\n

Moreover, d<\/span>ata shared by their local partner\u00a0<\/span>Anjuke<\/span> showed\u00a0<\/span>the inquiries and interest for overseas properties<\/span>\u00a0have increased<\/span>\u00a0substantially.\u00a0<\/span>The page views for Southeast Asian properties rose by 93 percent, the page views for overseas properties grew by 92 percent and inquiries for overseas properties\u00a0<\/span>surged by 71 percent.<\/span>\u00a0<\/span><\/p>\n

\u201cHenceforth, what we see is that COVID-19 actually spur<\/span>red<\/span>\u00a0the Chinese to be more interested in overseas investment. I think one of the key driver<\/span>s<\/span>\u00a0for that is because they are looking at buying a home for their own stay in the next winter, and also buying a home where there’s adequate medical infrastructure to support themselves because the outbreak has\u00a0<\/span>made them\u00a0<\/span>realise<\/span>\u00a0that the current healthcare infrastructure is probably not enough to cope with 1.4 billion people.\u00a0<\/span>So they have started buying a home for the future,\u201d explained Winston.<\/span><\/p>\n

\"\"
SOHO Galaxy office building in Beijing, China. TonyV3112\/Shutterstock<\/figcaption><\/figure>\n

Post-COVID-19 insights for commercial businesses and developers<\/span><\/i>\u00a0<\/span><\/p>\n

Consumption recovery in the wake of the pandemic\u00a0<\/em><\/p>\n

    \n
  1. Tourism.\u00a0<\/span>In the past couple of months, James said that they have seen a<\/span>\u00a0<\/span>boost in domestic tourism<\/span>, mostly because of travel limitations. Most of these\u00a0<\/span>travellers<\/span>\u00a0are \u201chigh net worth individuals\u00a0<\/span>who are willing to spend significant money in terms of luxury products.\u201d<\/span>\u00a0<\/span><\/li>\n<\/ol>\n
      \n
    1. Technology.<\/span>\u00a0<\/span>Online analytics can now expand into offline environments with t<\/span>he development of IoT and 5G technologies and the seamless integration with mobile devices<\/span>.<\/span>\u00a0<\/span><\/li>\n<\/ol>\n
        \n
      1. Online.\u00a0<\/span>China is now seeing a merging between the online and offline realm<\/span>, not just through sales but also services<\/span>.\u00a0<\/span>Gyms,<\/span>\u00a0<\/span>for instance, which have closed during the lockdown, have conducted training sessions via Zoom calls.<\/span>\u00a0<\/span><\/li>\n<\/ol>\n
          \n
        1. Policy support. Local governments\u00a0<\/span>and businesses have started distributing vouchers to encourage consumption and some cities have even allowed the extension of weekends to enable employees to travel.<\/span>\u00a0<\/span><\/li>\n<\/ol>\n

          New normal\u00a0for real estate developers\u00a0<\/span><\/p>\n

          Winston said that\u00a0<\/span>PropertyGuru<\/span>, together with\u00a0<\/span>Anjuke<\/span>, has predicted the\u00a0<\/span>Chinese\u00a0<\/span>real estate market to<\/span>\u00a0fully<\/span>\u00a0embra<\/span>ce digital\u00a0<\/span>solutions<\/span>\u00a0in the years to come<\/span>.<\/span>\u00a0<\/span><\/p>\n

          \u201cThe new normal is that people are no longer\u00a0<\/span>averse<\/span>\u00a0to evaluating, to marketing, to promoting, to giving webinars in terms of property presentation<\/span>.<\/span>\u00a0In fact, live streaming session<\/span>s<\/span>\u00a0have become so predominant\u00a0<\/span>in China\u00a0<\/span>that even up to now, when COVID-19\u00a0<\/span>has\u00a0<\/span>fully recover<\/span>ed<\/span>, many real estate companies<\/span>\u00a0and<\/span>\u00a0many real estate agents<\/span>\u00a0have<\/span>\u00a0asked to\u00a0<\/span>u<\/span>se\u00a0[our]<\/span>\u00a0method to reach out to the Chinese market,<\/span>\u201d<\/span>\u00a0<\/span>concluded<\/span>\u00a0Winston.<\/span>\u00a0<\/span><\/p>\n

          The method mentioned is the\u00a0<\/span>new program<\/span>\u00a0<\/span>PropertyGuru<\/span>\u00a0has developed<\/span>\u00a0that\u00a0<\/span>has allowed\u00a0<\/span>Southeast Asian developers to<\/span>\u00a0penetrate the Chinese market<\/span>\u00a0without needing to\u00a0<\/span>physically\u00a0<\/span>travel<\/span> there<\/span>.\u00a0<\/span>This venture has been successful<\/span>\u00a0thus far and<\/span>\u00a0they have assisted\u00a0<\/span>around\u00a0<\/span>60 developers from across the region<\/span>, including\u00a0<\/span>Guccoland<\/span>, M+S and CapitaLand<\/span>.<\/span><\/p>\n

          China<\/span><\/i>\u00a0Reopens webinar is\u00a0<\/span><\/i>organised<\/span><\/i>\u00a0by\u00a0<\/span><\/i>PropertyGuru<\/span><\/i>\u00a0Asia Real Estate Summit. A total of\u00a0<\/span><\/i>250\u00a0<\/span><\/i>participants from\u00a0<\/span><\/i>18\u00a0<\/span><\/i>countries across the world joined the one-hour web conference held last\u00a0<\/span><\/i>11<\/span><\/i>th<\/span><\/i>\u00a0<\/span><\/i>of\u00a0<\/span><\/i>June<\/span><\/i>. For further enquiries, email <\/span><\/i>ares@propertyguru.com<\/span><\/i><\/a>. Visit the official website\u00a0<\/span><\/i>AsiaRealEstateSummit.com<\/span><\/i><\/a>\u00a0and follow our social media for upcoming live webinar announcements.<\/span><\/i>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

          Sales volumes may have substantially declined in some sectors, but business leaders believe the country is all set for a steady recovery<\/p>\n","protected":false},"author":9,"featured_media":20614,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[816,78],"tags":[581,859,809],"class_list":["post-8449","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-real-estate-summit","category-tech","tag-asia-real-estate-summit","tag-forecasts","tag-webinar","news_country-china","news_author-gynen-kyra-toriano"],"acf":[],"yoast_head":"\nAs China\u2019s economy reopens, how is the real estate industry coping? | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/china-economy-real-estate-industry-current-situation-forecasts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"As China\u2019s economy reopens, how is the real estate industry coping? 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