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Booster shot for Taiwan property

By Jin Jing (China Daily)
Updated: 2008-05-08 09:29

The expected opening up of Taiwan's property market to mainland investors is likely to attract a wave of capital flow from the mainland and thus boost the Taiwan property market, said a White Paper from Jones Lang LaSalle on Wednesday.

Ma Ying-jeou's decisive victory in the just-concluded Taiwan election has pumped up the island's property market. Home prices have risen as much as 30 percent since the election, according to statistics from DTZ Taiwan.

A crane carries building material in front of Shanghai's Oriental Pearl Tower. The uncertainty in mainland's property sector and the Taiwan authorities' go-ahead to investment from the mainland in Taiwan's real estate are likely to cause an outflow of capital from the mainland property market. Bloomberg News

"With the leadership change, we foresee opportunities for mainland investors in Taiwan's commercial property market," said Kenny Ho, head of research for Jones Lang LaSalle China. Ho said he expects office rentals in Taiwan to jump 20 percent this year and 15 percent the next.

The growth of Taiwan's commercial property market has been suppressed and undercapitalized because of the severe restrictions on economic policies by the Taiwan authorities. Taiwan office market has crawled in the past five years, with an annual average growth rate of 7 percent.

Sensing new business opportunities, nine mainland property tycoons, including Pan Shiyi and Zhang Xin of Soho China, Li Silian of Guangzhou R&F Properties Co and Feng Lun of Beijing Vantone Properties, visited Taiwan on April 22 to seek investment avenues.

The optimism among mainland property developers come from Ma's pledge to open Taiwan's property market to mainland investors as part of the island's efforts to bring the two economies closer.

Mainland companies are expected to be granted 50 percent loan from financial institutions for buying commercial property in Taiwan, with no need for capital guarantees. Mainland investors can also stay in Taiwan for 90 days now instead of the 10 days earlier and invest in entertainment facilities there, Taiwan authorities were reported as saying.

Ma's pledge to allow free capital flows and direct flights from July 4 are also expected to help bolster Taiwan's property market.

The relatively lower prices in Taiwan compared with that in major cities such as Shanghai and Shenzhen and the current uncertainties in the mainland property market are the other two factors that are expected to trigger capital outflow from the mainland to Taiwan.

"With wide-ranging policy amendments in Taiwan and the mainland, Taiwan's property market will be an attractive investment destination for many mainland investors and Taiwanese businessmen who have moved to the mainland in past years," said Ho.

Around 500,000 Taiwan businesspeople in Shanghai are expected to be a major investment force for Taiwanese property.