Delegates See Market improvement at MIPIM Asia 2009

Written by PRNewswire

Created on Monday, 23 November 2009 11:55

HONG KONG, Nov. 20 /PRNewswire-Asia/ -- Delegates attending the fourth edition of MIPIM Asia, the world's property market in Asia-Pacific, said they were more optimistic about the state of the property market compared to the same time last year, according to an independent survey carried out at the event.

The survey, conducted by researchers from Wisconsin University and the HKUST Business School, was presented by Francois Ortalo-Magne, Robert E. Wangard Chair in Real Estate, Wisconsin School of Business, and Bret Wilkerson, CEO, Property and Portfolio Research, during the MIPIM Asia Closing Conference November 20.

72% of MIPIM Asia attendees reported that they felt more optimistic about the state of real estate. In particular, delegates noted that there are strong signs of economic growth in China and South East Asia and that capital flows are now much stronger than in 2008.

The survey coincided with the Royal Institution of Chartered Surveyors (RICS) Q3 Global Commercial Property Report, presented at MIPIM Asia. The RICS Report noted that capital values are expected to increase in Hong Kong, South Korea, China and India. RICS Hong Kong Vice Chairman, David Faulkner commented, "The rebound in Asian economies is clearly being reflected in more positive responses to both rental and capital value expectations throughout the region."

Justin Chiu, Executive Director of Cheung Kong Holdings said at MIPIM Asia: "Actually I always identified that the cause of the problem was not in Asia, so in a sense life carried on as usual. Because of the liquidity issue in the banking system we had a short dip but we recovered very quickly. When you look at Asian countries now they have all recovered to pre-tsunami levels and the economy is still picking up -- when you look at Hong Kong, Singapore and China they are very strong."

The Honourable John Tsang, Financial Secretary of the Government of the Hong Kong Special Administrative Region and Guest of Honour at the MIPIM Asia Opening Ceremony, told delegates that now is the time to look for investment opportunities in Asia.
"We are delighted to be hosting this event for the fourth time. The timing and location of this conference could hardly be better. Most economists agree that Asia, and in particular China, are set to lead the world out of the economic tailspin. I encourage you to explore the exciting investment and business opportunities in Hong Kong and throughout the Asia Pacific region," said the Financial Secretary.

One of the noticeable features of MIPIM Asia 2009 was the increased presence of major companies from Asia Pacific, with 87% of MIPIM Asia participants coming from the region. Final MIPIM Asia attendance figures showed the event welcomed some 1,800 delegates representing 41 countries.

Participants from Hong Kong and China (the MIPIM Asia 2009 Country of Honour) dominated the market this year and there was a significant increase in the number of local public authorities, such as Shaanxi Province (China), the City of Xiamen (China), the Ministry of Economic Affairs (Federation of Russia), Paris la Defense (France), the Council for Economic Planning and Development (Taiwan), and the Bases Conversion and Development Authority (the Philippines).

Regional investors increasingly committed to MIPIM Asia with key players such as APG (Singapore), HSBC (Hong Kong SAR), Mitsubishi UFJ Securities (Hong Kong SAR), National Australia Bank (Australia), Angelo, Gordon Asia Limited (Hong Kong SAR), Largo Corporation (Japan), SITQ (China), Quill Capita Management (Malaysia), or Chono Corporation (Mongolia) attending the event.

This year's MIPIM Asia Awards drew over 100 entries, a new record for the event. The Honourable Mrs. Carrie Lam, Secretary for Development of the Government of Hong Kong SAR and Guest of Honour at MIPIM Asia Awards, said they provided a different insight into the exciting new developments that the property industry is bringing about. The Secretary for Development said she found it particularly encouraging that, in addition to the existence of the Green Buildings category, the MIPIM Awards judges had made commendations for the green credentials of finalists in other categories.

MIPIM Asia will take centre stage once again in Hong Kong from 10-12 November 2010.

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