Jones Lang LaSalle released its annual report on China’s real estate economy on July 9 in Xi'an.
Jones Lang LaSalle Incorporated or JLL is a commercial real estate services firm. The firm aims to find commercial real estate services and property investment strategies.
The event was co-supported by the Xi'an Trade Promotion Association, the Xi’an Branch of the China Chamber of International Commerce, the Xi'an Association of Enterprises with Foreign Investment and the Shaanxi Real Estate Research Association.
As a representative of building service institutions in China, Jones Lang LaSalle has certain advantages in real estate areas. It is a leading real estate investment management firm and expertise in everything from real estate securities to global indirect investments.
According to the report, first-tier cities in China have gone through the stage of rapid urbanization, and the urban margin has basically reached its upper limit in the development process. There are no more areas to expand in the first-tier cities, whose development has tended to be gentle.
However, strong second-tier cities such as Xi'an are experiencing a high-speed urbanization process. Urban space in second-tier cities has entered into a period of large-scale expansion.
Jones Lang LaSalle releases its annual report on China’s real estate economy. [Photo by JLL]
In addition, Xi'an shows strong growth in economic development and has vigor in investment attraction. Compared with the first-tier cities, Xi'an shows obvious development momentum. The driving force in Xi’an lays a good foundation for real estate market development.
"The core driving force of urban renewal comes from the changes in population, consumption and industrial structure. To provide more high-quality property carriers and public space is necessary for the traditional industries. New industries are rising rapidly. A city should seize this opportunity to adapt to the innovative development and stimulate new vitality,” said Tong En, head of the Xi'an branch of Jones Lang LaSalle.
“Therefore, the building economy is an important driving force and an inevitable path for the economic development of Xi'an. Xi'an is expected to lead the new economy in Western China,” he added.