DESPITE the much publicised consolidation of the Guangdong property market, nearly half of the 400 residential and commercial units in Rivera Place, Dongguan, offered for sale at last weekend's exhibition, were bought by Hong Kong investors. Rivera Place is right in the centre of Dongguan city, which is connected with Shenzhen by a railway and two main roads. It is being developed by L and P International Group, a multi-national conglomerate based in Hong Kong. At the exhibition, Hong Kong investors bought almost 200 residential and commercial units. ''Consolidation has taken much of the speculative force out of the mainland property market, but demand for small-to medium-size residential units in urban areas is still keen, going by the results of the Rivera Place sales exhibition,'' L and P project manager Angela Wong said. ''It also shows that investments in centrally located commercial property in population centres are on the rise again.'' When completed, Rivera Place will comprise three blocks of residential buildings, each of 24 storeys, on a five-storey podium which forms a shopping arcade, and with car parking facilities in the basement level. Each of the blocks provides about 200 residential units. Only blocks B and C, plus the commercial units, were offered for sale last weekend, with prices of residential units averaging $400 per sq ft and commercial units ranging from $700 to $1,000 per sq ft. Rivera is among several Dongguan projects involving L and P. ''All our mainland development projects for small-to medium-sized residential units are located in Dongguan,'' said Ms Wong. ''Its population of over 1.7 million has one of the highest per capita incomes among Chinese cities, with annual retail sales amounting to more than five billion yuan (about HK$4.44 billion). ''Furthermore, a large number of overseas investors have set up production facilities in Dongguan due to its well-developed infrastructure. ''All this combines to form a solid foundation for the development of a private sector property market. ''In response to the surging demand, our group will continue to seek property investment opportunities in the city.'' L and P is the developer of numerous property projects in China, covering Beijing, Shanghai, Guangzhou, Panyu and Shenzhen. Its most ambitious project is the five billion yuan Royal Century Garden, which is to be developed in seven phases on a site in Beijing's suburbs. As the Chinese capital, Beijing has the country's highest concentration of diplomats and representatives of foreign corporations. One-fifth of the site will cater to the needs of these discerning individuals, with development of villas, semi-detached houses and townhouses. The rest of the site will be open space, with a golf course, parks, greenery and recreational facilities. L and P had its inception in 1983 and is engaging in a variety of businesses, including petro-chemical, non-ferrous metals, mining, international trade, property development and management, film production and distribution, and food services.
