Last year the abundance of new spaces 411

Pointing the vacancy rate record market in commercial galleries and offices in the best position, economists denounced the formation of a bubble due to "unreasonable" policy of credit establishment since the beginning of 2008 by the Chinese Government. To prevent a too brutal slowdown in its economy, Beijing had then ordered its banks to be generous. Public enterprises and real estate developers have taken advantage of this cheap money flows: total of 1,000 billion in new loans released in 2009 to fund new skyscrapers alongside sometimes deserted buildings. "China, it is now Dubai multiplied by 1,000, or worse," launched in January, Jim Chanos, Manager of Fund, which was made famous by predicting the bankruptcy of Enron. No tenant, investors are likely struggling to repay their debts, prevent some experts, who are concerned about the consequences of an escalation of bad loans on the Chinese economy.

The great actors of Chinese real estate appear to be more measured. They bet on the natural progression of the request accompanying the dynamism of local growth and point, city by city, the gradual improvement of the market observed in recent months. In Beijing, the vacancy rate, measured at 20 beginning January 2010 by the Savills Council, is already in slight decline since last summer, despite the arrival on the market of 1.14 million additional square metres. This record increase of 15 of the total surface area available in the Chinese capital was partly absorbed by demand in the last quarter of 2009. With confidence, after months of uncertainty, in the Chinese economy and a global recovery, the large multinationals have revived their expansion plans. In October, Standard Chartered Bank and announced that it would hire 9,000 m2dans the new World Financial Center located in the District of the Affairs of the East of Beijing. Attempting to safely take advantage of this new confidence, owners did not trigger real rise in the price of rent but have significantly reduced their offers of "free" months traditionally to new tenants. On average, the price of rents "premium" was measured, beginning of January by Savills, 152.7 yuan per square metre per year, slightly less than EUR 200. According to experts, these rates should remain stable in 2010. The arrival on the market of 700,000 m2de offices, with the new giant China World Tower, will help to keep the pressure on prices.

Worked by the same trends, the Shanghai market should recover in 2010 after a year 2009 black. Last year, the abundance of new spaces - 411.500 m2de Office of quality, according to the calculations of the DTZ Council - and the wait of the multinationals, including foreign, have pushed the vacancy rate in the city at the record level of 16.7 and plunge the average price of rent of 16.3 throughout the year. In the Pudong business district, where were inaugurated last year most of the new tertiary projects, rents fell by more than 25 from their peak of 2008. "In 2010, rents could decline by 10 and the vacancy rate should reach the 25 " provide Savills analysts who believe that the many facilities of large foreign financial groups will not offset the arrival on the market of a record surface of nearly $ 1 million of m2de new offices. In this tense context, the work and construction equipment circulation restrictions imposed by the municipality for the duration of the exhibition universal of Shanghai, planned for May 1 to October 31, could delay some projects and slightly to allay the excitement of the offer in the areas of business of the city.

Shenzen, very popular

Sharp with the developments of Beijing and Shanghai, the young megacity in Shenzhen in the South of the country has, assisted in the second quarter of 2009, to a sustained resumption of its real estate market. Offices for sale prices began to rise in the spring when the rents were their rise in the summer. Attracted by the launch, in October, the "Growth Enterprise Market" - the Chinese Nasdaq - financial groups have accelerated their installation in the most recent buildings and the best placed of the Nanshan and Luohu districts. With a vacancy rate content to 11, owners were able to impose rent 5.6 increases in the offices of superior quality. A few weeks ago, the monthly rental of one square meter is negotiating, on average, to 170 EUR/m2/year up to 180 yuan in nearby buildings of the crossing to Hong Kong. In these areas and in the Futian district also popular, rents should stabilize in 2010 with the placing on the market of 600,000 m2 of new offices.