‘New’ economy to impact realty market

Source: Xinhua | 2018-06-28

CHINA’S fast-developing “new” economy comprising smart, sharing and green elements will impact profoundly the country’s real estate industry, said a white paper released yesterday by global property adviser Cushman & Wakefield.

The white paper identifies “smart” as being technology-enabled and intelligent featuring the Internet of Things, “sharing” refers to collaborating and efficient use of resources, and “green” means creating and promoting sustainable development.

“The ‘new’ economy has tremendous implications for real estate in China,” Shaun Brodie, senior director and head of occupier research at Cushman & Wakefield China, told a forum held in Shanghai.

The impact will be seen in investment, consumer requirements, labor needs, space demand, energy consumption and use of resources in the real estate market, he said.

Cushman & Wakefield has identified 11 specific themes related to the three core elements. They are smart buildings, smart technologies, smart construction, smart industry, smart transport, shared workspace, shared living, shared mobility, green buildings, green technology and green financing.