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Quake to hurt local property market

By Hu Yuanyuan (China Daily)
Updated: 2008-05-28 09:23

The earthquake didn't much impact CapitaLand, a Singapore developer with a number of projects in Chengdu and Chongqing, the company said. CapitaLand China President Lin Mingyan said the firm hasn't wavered in its determination to invest in Chengdu and China.

"Except for the splitting of a wall of a commercial property in Mianyang, we didn't suffer any property or personnel losses from the quake," Lin said.

However, acting in line with relevant stipulations, CapitaLand postponed construction of a residential project slated to break ground in May. But it will go forward with two other residential projects according to their original timetables.

Getting involved

Many property developers have adjusted their business plans in Sichuan to join in reconstruction.

Vanke, the country's largest developer, said in a recent statement to the Shenzhen bourse that it would spend 100 million yuan on reconstruction in earthquake-affected areas within three to five years.

"All of this reconstruction work would be done without commercial intentions and would be free of charge to the beneficiaries," the statement said.

Runfeng Real Estate Co, a mid-sized, Beijing-based property developer, announced a 10 million yuan Sichuan donation plan soon after the earthquake. Of the money, 7 million yuan would be used to rebuild a school and a hospital in the most devastated areas.

"We've signed an agreement with the Red Cross Society of China on the reconstruction plan, according to which both the school and hospital would be located in a village or county," Runfeng Real Estate General Manager Wang Yu said.

Beijing Bocheng Real Estate Co also said it hoped to participate in reconstruction work, although it has no branches in Chengdu or Chongqing.

The company's general manager, Lin Yiming, said the firm would pay extra attention to the buildings' sturdiness and ability to withstand earthquakes.

"In addition to construction quality, location was also important when the quake struck," Lin said. "So we would first rigorously investigate the locations and then focus on construction quality."

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