Earlier this year, one of China's biggest real estate developers, China Vanke Co., announced its entry into the U.S. housing market -- a partnership with New York-based Tishman Speyer Properties to build luxury condos in San Francisco. What do developers from China -- and elsewhere -- see in the U.S. market, which has experienced considerable volatility? According to speakers at a Wharton real estate forum, produced in collaboration with Chinese real estate firm E-House, changing demographics, pent-up demand and limited supply suggest that more housing is needed in the U.S., and consumers are looking for new options in housing and lifestyle.
Published: May 14, 2013 What Real Estate Crash? Dubai's Towering Ambitions Return
In years past, Dubai made a name for itself by announcing projects that seemed to be concocted from sheer flights of fancy. But most vanished like desert mirages in 2009, when the Emirate's debt standstill announcement caused economic shockwaves worldwide. With its property market picking up, Dubai has once again rolled out a series of mega development projects. But those within the regional real estate industry say caution rules the mindset of everyone who survived the crash, and will temper project development and investor attitudes in the market.
Published: December 11, 2012 Wharton's Joseph Gyourko on Escaping China's 'Unsustainable' Property Boom Unscathed
Though China's housing market seems to have escaped the same fate as the market in the U.S., is it too soon to cheer? Yes and no, according to Joseph Gyourko, director of Wharton's Zell/Lurie Real Estate Center. Joined by Yongheng Deng, director of the Institute of Real Estate Studies at the National University of Singapore, and Jing Wu, a visiting research fellow at the institute, Gyourko has been dissecting the booming housing market in China's major cities and the range of factors fueling its rise. In a recent interview with China Knowledge@Wharton, Gyourko talked about why the country's property boom might not lead to a bust.
Published: September 13, 2011 Aiming to Bolster a Lagging Real Estate Market, Dubai Introduces Islamic REITs
Littering Dubai's property market are an estimated US$300 billion in stalled projects, but the sheikhdom still launched a Shariah-compliant real estate investment trust in November. Emirates REIT, jointly developed by Dubai Islamic Bank and Eiffel Management, a French REIT specialist, joins a number of Islamic REITs set up in Asia and the Middle East in recent months. Governments and Islamic financiers alike hope the new products will spur investment from Muslims and non-Muslims into their regional real estate sectors, which were hurt in the economic downturn.
Published: March 08, 2011 China's Property Bubble: Can It Be Deflated Safely, or Will It Burst?
China is likely in the midst of a real estate bubble, according to faculty from Wharton and the Guanghua School of Management, who spoke during a joint symposium held at Peking University in Beijing on March 10. "Clearly, in China there are cautionary signs," said Wharton real estate professor Susan M. Wachter, who also spoke about the fragility of the U.S. market and the need for a new regulatory approach. During his talk, Guanghua finance professor Xinzhong Xu noted, "The more difficult question that nobody can answer is: When is this bubble [in China] going to burst?"
Published: December 28, 2010