Middle East investors eye mainland property market

International investors and developers especially from the Middle East are showing growing interest in China mainland's real estate market which is benefiting from robust economic growth and from the golden opportunities to host the 2008 Olympics and World Expo 2010.

This was what Shanghai Daily learnt from Cityscape China 2007, one of the most acclaimed B2B property investment and development events in Asia.

Investment companies, property developers as well as firms involved in different sectors of the industry from 24 countries and regions, are at the three-day event which is set to close tomorrow in the city.

Among exhibitors, companies from the Middle East, which have occupied the largest and most prominent spaces to display their grand projects, have expressed strong interest in tapping the mainland market.

Tanmiyat Investment Group, one of the Middle East's leading real estate and investment companies, said it is in the mainland for the first time as part of its strategy to expand into some of the world's vital markets.

"Without any doubt, China is the most active market in the world," said Sulyman A. Al Majed, president of Tanmiyat. "We came here to show who we are."

The Saudi Arabian company, which is promoting its US$3.8 billion Living Legends project in Dubai, the United Arab Emirates, said it hopes its attendance at the event will widen its business, demonstrate the strengths and potential of the Middle East real estate sector to the rest of the world as well as broaden horizons for parties who wish to invest in the region.

So far, local responses to the mega development has been quite good, according to Hu Weidong, a sales agent for the Dubai project, who added that some visitors from Hong Kong, Taiwan, as well as the Chinese mainland have expressed their interest and made some enquiries.

While some of the exhibitors have just started to seek opportunities in the China market, some others have already gone further.

Paramount Properties, another Middle Eastern property developer, said it has already signed a Memorandum of Understanding with China Building Technique Group (International) Ltd under which the Chinese firm will provide technical support for one of its projects.

The firm also disclosed that it will soon sign a contract with another Chinese firm, Hong Kong-based Ho & Partners Architects & Engineers & Development Consultants Limited.

P.S. Khinda, chief executive officer of Paramount, said that he believed "within two years, we might be able to have our own project in China."