HONG KONG, Nov. 12, 2010 /PRNewswire via COMTEX/ -- Sustainable urban renewal took centre stage at the fifth edition of MIPIM Asia, the leading international real estate exhibition and conference for the Asia Pacific region, with delegates saying they are increasingly optimistic about the state of the Asia Pacific property market.
The expected 1,900 MIPIM Asia delegates from 42 countries were presented with some of the region's most ambitious urban renewal real estate projects, ranging from the Shanghai Huangpu River Banks Comprehensive Development Project to Hong Kong's 320-hectare Kai Tak Development.
Referring to Kai Tak and the Government of the Hong Kong Special Administrative Region's global urban renewal policy, Secretary for Development, Mrs. Carrie Lam, told MIPIM Asia delegates, "Urban renewal is our way to more efficiently put to optimum re-use our precious land resources. The value of urban land is not just what we are after. It is the well-being of our citizens living in a dilapidated environment and the regeneration of our urban city centre." In a sign of the increasing amount of cross-border activity taking place in Asia Pacific, the Secretary for Development added that as part of Hong Kong's recent review of its Urban Renewal Strategy, "we have also made extensive reference to best practices in neighbouring Asian cities including Seoul, Tokyo, Taipei, Guangzhou and Shanghai." Investment Opportunities Abound At MIPIM Asia For the 400 international investors attending MIPIM Asia, investment opportunities were numerous. In the run-up to the event, Western Australia's State Government Planning Minister, John Day, announced that Perth is looking to attract some US$9 billion in international investment for urban renewal projects in the city, with the State Government injecting some US$2 billion. Perth's Lord Mayor, Lisa Scaffidi, was on hand in Hong Kong to discuss the investment opportunities.
Meanwhile, Taiwan's Minister of the Council for Economic Planning and Development Christina Y. Liu, headed up a 50-strong Taiwanese delegation bringing some 30 infrastructure and urban renewal projects, worth a total of US$70 billion, to MIPIM Asia.
Real Estate To Sustain Economic Growth One of the key messages to emerge from MIPIM Asia 2010 is that real estate has a critical role in improving living standards and sustaining the economy, according to Nobel Prize winner economist Professor Joseph Stiglitz.
At a packed keynote address on November 11, Professor Stiglitz told MIPIM Asia delegates that in the face of the global economic downturn, Asia had outperformed both the United States and Europe and has strong growth potential.
He commented that "strong infrastructure investment, especially green investment, will provide a basis for long-term economic growth. The challenge for Asian real estate will be to avoid the boom and bust scenario, while also providing populations with livable and sustainable cities in the 21st Century." Referring to the giant Chinese market, the Nobel laureate suggested that a move away from an economy which is heavily dependent on exports, towards one that encourages service sectors and sustained growth through domestic demand, could have a positive impact on the real estate sector.
Delegates Optimistic Over Asia Pacific Outlook For the second year in a row, research carried out with MIPIM Asia delegates by the Wisconsin School of Business and the Hong Kong UST Business School, reported a continued sense of optimism over the future of real estate in the region.
Reporting back to attendees, Wisconsin School of Business Global Real Estate Director Francois Ortalo-Magne and CBRE's Executive Director and Head of Asia Research Nick Axford revealed that real estate investment in the region for the first three quarters of 2010 had significantly risen compared to 2009. Over 65% of delegates said their business activity this quarter outperformed the same period last year, while over 70% said they are more optimistic about the market than they were 12 months ago.
Questioned on the state of the Chinese market, MIPIM Asia delegates said that strong fundamentals are driving business, with continuing urbanization, a growing middle class and the government's management of the economy, making China an attractive investment opportunity. In particular, they said that capital is flowing not only into major metropolitan areas but also into tier two and tier three cities.
"The fact that China and the Asia Pacific region are economically outperforming the rest of the world is reflected in the real estate sector and in the mood at MIPIM Asia," said Filippo Rean, MIPIM and MIPIM Asia Director. "What has been particularly noticeable at this year's event is the renewed interest and presence of companies from outside the region with an increasing number represented from the United States, France and the United Kingdom. Investor interest in Asia Pacific is strong and we expect it to be even stronger at the next MIPIM Asia." China Dominates MIPIM Asia Awards Reflecting the vibrancy of the Chinese, projects based in China almost made a clean sweep of the MIPIM Asia 2010 Awards, picking up seven of the 10 prizes.
Among the winners, Beijing's Parkview Green FangCaoDi shopping centre, office and hotel complex won in the Green Buildings category and the Shanghai ifc Mall, which houses Louis Vuitton's largest single-level store in the world, picked up the top prize in the Shopping Mall Category (See complete Awards listing below).
MIPIM ASIA AWARDS 2010 WINNERS ------------------------------ BEST CHINESE PROJECT CATEGORY ----------------------------- Wai Tan Yuan (Shanghai, China) BUSINESS CENTRES CATEGORY ------------------------- Borneo Convention Centre Kuching (Kuching, Sarawak, Malaysia) FUTURA PROJECTS CATEGORY ------------------------ National Heart Centre (Singapore) GREEN BUILDINGS CATEGORY ------------------------ Parkview Green FangCaoDi (Beijing, China) HOTELS AND TOURISM RESORTS CATEGORY ----------------------------------- The Peninsula Shanghai (Shanghai, China) MIXED-USE BUILDINGS CATEGORY ---------------------------- Wai Tan Yuan (Shanghai, China) RESIDENTIAL DEVELOPMENTS CATEGORY --------------------------------- 72 Sentosa Cove (Singapore) SHOPPING CENTRE CATEGORY ------------------------ Shanghai ifc mall (Shanghai, China) SPECIAL JURY AWARDS ------------------- 800SHOW Creative Park (Shanghai, China) PARTICIPANTS CHOICE AWARDS -------------------------- Shanghai ifc mall (Shanghai, China) To download MIPIM Asia photos 2010, please go to: http://www.creativegp.com/mipimasia/2010OfficialPhotos/main.html To view the full description of all nominated projects, click here.
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