CHENGDU, China, Sept. 14, 2016 /PRNewswire/ -- Yesterday, a real estate ad from GentleFolk, a high-end condominium in Chengdu, Southwest China, was displayed on the big board overlooking New York's Times Square, the best window for "global vision," showcasing the Chinese beauty to the world. The Times Square has featured many advertisements from a global clientele, however real estate projects usually target audiences based on their locations, why would a developer from China purchase an ad in New York, halfway around the world?
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The year 1998 saw the beginning of China's revolutionary change of satisfying the nation's housing needs from state provision to a free market, sending the country into a large-scale land construction. Within less than 20 years, the real estate industry has played a role that cannot be overestimated in China's fast-growing economy and created a number of large developers that are constructing not only at home, but also overseas.
After the "Golden Decade" of booming growth, the real estate industry in China is quite different from its counterparts in the U.S. and Europe, where a handful of large developers usually dominate the markets. China has many big and small real estate companies. While large developers have dominant advantages, others are also building luxury projects to satisfy the needs of different social classes.
With the largest number of population in the world and relatively limited land, China has many restrictions on real estate developments. Because most of the wealthy in China prefer an urban lifestyle, luxury apartments in the city center, like GentleFolk, are usually highly sought-after, more than high-end houses in suburban areas, which is quite different than in the U.S.
After years of booming economy, a lot of the rich and celebrities in China are also purchasing high-end properties to protect their money. For many Americans, a suburban villa is an ideal house; that too used to be the preference of many Chinese celebrities, who substantially invested overseas on suburban villas in the past. However, now a growing number of wealthy Chinese are pursuing downtown apartments at home to satisfy their needs of living, business activities and social engagement.
The evolutionism of the wealthy Chinese's taste on residential buildings is dramatically different from other countries. Seeing heavy demand of downtown luxury apartments, developers in China are sparing no effort to provide top quality properties with an unmatched level of professional services.
In this eastern country, people's expectations on residential properties may be very different from the Americans'. It's hard to say which one is better; China's luxury apartments, such as GentleFolk that's featured in New York's Times Square, or super houses in the U.S.
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