The managing director of Capital and Counties, Ian Hawkworth, told members of the FIABCI (International Real Estate Federation) that Chinese construction companies are eying targets in the UK and US construction sectors. 'Chinese construction companies are the most sophisticated in the world, and they've built more high rise than anyone else. They're here, and they will be buying construction companies in the US and UK,' PropertyWeek cited him as saying.
The managing director of Capital and Counties, Ian Hawkworth, told members of the FIABCI (International Real Estate Federation) that Chinese construction companies are eying targets in the UK and US construction sectors. 'Chinese construction companies are the most sophisticated in the world, and they've built more high rise than anyone else. They're here, and they will be buying construction companies in the US and UK,' PropertyWeek cited him as saying.
'The largest real estate companies in the world today are Chinese companies you've never heard of, some with market caps of billions of dollars, all sitting on huge landbanks. They're not just investing in China - they're moving cross border. We will increasingly see Chinese businesses acquiring real estate outside of their own borders, and they will come to the UK.'
He believes China's development boom will continue in spite of the stock market falls earlier this week. 'The rate of urban migration in China is phenomenal. There will be 655 million people in Chinese cities by 2014, creating demand for 44m homes.' His advice for UK investors eyeing the Chinese market was simple: 'Either dip in and dip out as fast as you can, or take the place seriously for the next 30 years.'
