Dubai: Emaar Properties has opened a full-fledged office in Shanghai, marking its entry into China with a plan to roll out a number of real estate projects including residential, commercial, hotels and hospitals, a company statement said.
The move comes following the Dubai-based real estate developer’s major foray in key growth markets including Saudi Arabia, India, Morocco, Egypt, Syria, Turkey and Pakistan with projects value combinedly exceeding Dh230 billion, including Dh100 billion in Saudi Arabia, Dh78 billion in Pakistan, Dh25 billion in Morocco, Dh10 billion in Turkey and a further Dh20 billion in India.
Earlier, it acquired US-based John Laing Homes for Dh3.856 billion ($1.050 billion), a strategic move that has firmly perched Emaar in the international spotlight.
Emaar is the third UAE entity to have made major foray into China, the world’s second largest economy following DP World and Damac Propertieswho have already pledged sizeable investment in the People’s Republic.
“Emaar’s multi-pronged approach to tap into the Chinese economy, which gained a 9.9 per cent growth in 2005, will flag off with the development of modern, community-centric lifestyle developments in Beijing and Shanghai. These residential projects will feature the entire spectrum of amenities including fitness centres, retail malls, schools as well as hotels,” the company said in a statement.
Mohammad Ali Al Abbar, Emaar chairman, said the premises in the Jiushi office building in Shanghai will open this month. The office will steer Emaar’s ambitious investment plans for the world’s second largest economy.
“Emaar’s entry into China completes a strategic leg of our international expansion programme that focused on three booming markets the Middle East, the India Subcontinent and now China,” Al Abbar said.
“Following its entry into the WTO in 2001 and market reforms gaining pace, the Chinese economy has been growing at an impressive rate. Its contribution to the global GDP growth is more than that of America as well as that of the three next-largest emerging economies India, Brazil and Russia. Underpinning this growth momentum is the property sector.”
Beijing and Shanghai are two focal points for Emaar’s entry into this mega market. In particular, Beijing will be the venue for the 2008 Olympics and Shanghai will host the 2010 World Expo.