Property market of China getting vibrant

Who is the true liberator of China? Though historians, political scientists and sociologists term Mao Zedong, the adherents of market economy consider Deng Xiaoping as the greatest messiah of the nation. He was the person who initiated economic liberalization in 1978 and the consequence is that PRC’s investment- and export-led economy has grown 70 times bigger and is the fastest growing major economy in the world, at present.

People’s Republic of China, now, has the world’s third largest nominal GDP at 30 trillion Yuan (US$4.4 trillion), even though its per capita income of US$3,300 is still low and puts the PRC behind roughly a hundred countries. The primary, secondary, and tertiary industries contributed 11.3%, 48.6%, and 40.1% respectively to the total economy.

All these may make many feel that the whole country is vigorous. If you are one of them, the belief is not erroneous in any way. The country has also witnessed a rapid development in the property sector and lots of new areas (called as hotbeds of property market) have cropped up. It should be said that China’s efforts to speed up economic development in the western, central and northern regions have helped second-tier cities such as Tianjin and Chongqing grow faster than cities like Shanghai and Beijing.

Let’s delve into them briefly and remember that these up-and-coming cities are being favored by property industry executives. The first and foremost of them is Tianjin with population 11.76 million and GDP Growth 16.5 %. It is, at present, under China’s 11th five-year plan and is also one of China’s four autonomous municipalities. The city will be the center for the revitalization of the northeast (once China’s industrial base) before long.

Another noted city is Dalian, with population 6.13 million and GDP Growth 16.5%. The northern port city witnesses a strong presence of indigenous IT industry and is going to have a $2.5 billion chip plant of Intel that is likely to employ 1,500 people when completed in 2010.