JLL’s China April Property Market Monitor is SoberingSunday, May 3, 2009 1:48
For those looking for good news on China’s property market, I am not sure if the recent JLL Property Market Monitor will be the document you were hoping for, but Steven McCrord’s Page 1 was sobering for me:
Total prime retail stock in 21 major Chinese cities will grow at a CAGR of 20.2% through the next three years, while retail sales are only projected to grow at 9.2%. The divergence between stock growth and retail sales growth will drive up the national vacancy rate from 7.2% at end 2008 to a projected 13.9% at the end of 2011.
A projection that has plenty of support in the 3 page document that highlights problems in the residential, commercial, and retail sectors (the one bright spot was reserved for infrastructure).