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Hong Kong property players say Shanghai remains a big attraction, believing the city's real estate market is bouncing back after the introduction of policies aimed at cooling the market.

 

"The market has gradually returned to a healthy course," said Elsa Lai, deputy general manager of Midland China (Shanghai), a leading property agent in Hong Kong.

 

"Speculation is not as rampant as two years ago," Lai added.

 

The luxury property market, a sector particularly favored by Hong Kong developers, will also pick up this year, with an increase of between 15 to 20 percent in prices, she said.

 

Crystal Properties Development, a small Hong Kong developer based in South China's Guangdong Province, said Shanghai has big potential, given the annual 20 to 30 percent increase in its population, a figure that includes migrant workers.

 

"That leads to a pretty strong demand for housing," said Crystal's Shanghai General Manager Louis Luk.

 

The developer is working on a 500-apartment project, called Parc Four Seasons in the Songjiang District. This is its first luxury project in the city.

 

"We have never doubted local citizens' buying power. Shanghai is indeed a good market," he said.

 

Orient Overseas International Ltd (OOIL), a shipping and property giant in Hong Kong, also has high hopes for Shanghai, saying it will become the focus for the mainland.

 

The company, which has been behind luxury projects such as Orient Garden and the Courtyard, will seek opportunities to increase its land reserve in the city, said Chairman Tung Chee-chen.

 

Shanghai's property market began to cool late in 2004 when the municipal government announced a number of measures aimed at curbing speculation.

 

(China Daily March 24, 2006)