Savills Plc, the UK’s largest property broker, aims to increase its Asian business to 50 per cent of worldwide revenue, driven by growth in China, says chief executive officer Jeremy Helsby.
China’s ‘booming’ economy will keep real estate demand high, he said. Savills also favours Tokyo’s retail, office and residential properties as valuations are high and the market is well regulated, he said yesterday, adding that he is ‘cautious’ on the UK, and the US market will take more than a year to recover.
‘The property markets in China are incredibly strong,’ said Mr Helsby in an interview here. ‘Real estate in America is on its knees. It will take 12-18 months to start to see big deals.’
In 2008, Asia Pacific accounted for 33 per cent of revenue that the company generated.
Source : Business Times – 8 Dec 2009
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