Singapore's CapitaLand wants to speed up China construction
"For residential projects, the pace of our development is not fast enough," Jason Leow, chief executive of CapitaLand's mainland unit, said at a briefing in Shenzhen.
CapitaLand, Southeast Asia's biggest builder, aims to speed up construction of apartments in China to boost returns.
Singapore-based CapitaLand is expanding in China to take advantage of its growing urbanisation. The company has mixed-use projects under its Raffles City brand name in eight cities and also owns The Ascott, the mainland's biggest serviced apartment operator.
The company had sold almost 2,400 homes on the mainland in the first nine months of this year, compared with about 2,000 homes in the same period last year, Leow said.
More than 90 per cent of the company's residential projects in China were targeted at first-time buyers and the mass market, he said.
New home prices jumped last month in all but one of the 70 cities that were tracked, adding pressure on local governments to tighten property policies as they seek to meet annual housing price targets.