International property consultants expect to see a significant rise in revenues from their businesses throughout mainland China despite the clouded outlook for the country's residential market this year.
'Our target for China is to double our income once every three years, and this year we expect a 40 per cent increase in our revenues from the mainland,' said Alan Liu, Colliers International's managing director for North Asia.
Last year China accounted for about five per cent of the property consultant's global revenues, and 50 per cent of its revenue in Asia. 'Given that China is still a developing market, it is comprehensible that the share is still small at this stage,' Liu said.
'But considering the slide in Western countries, we expect the share of revenue from China will accelerate quicker in years to come.'
Colliers currently has offices in Shanghai, Beijing, Guangzhou, Chengdu, Nanjing, Hangzhou, Tianjin and Foshan, plus a presence in over 50 cities around the country, and in March will open an office in Shenzhen.
This year it established a service line to cater for local corporations and enterprises' demands in real estate development and investment. 'Besides their business interest in China, we will also help local clients set their foothold globally and invest in western markets,' Liu said.
On the outlook for the mainland market, Liu said the overheated residential markets, particularly in first-tier cities, would have to be cooled for more sustainable growth.
