Though the latest round of regulatory measures raised barriers for smaller developers, the big branded outfits have not slowed down their expansion across the nation.

Shanghai Greenland Group, one of the city's largest state-owned developers, said yesterday it has signed an agreement with Shanxi provincial government to invest 3.2 billion yuan (US$400 million) in Taiyuan, capital of the northern China province.

Some 1.1 billion yuan will be used to build infrastructure such as roads and bridges, while 1.2 billion yuan will be allocated to construct a business district, including offices and a hotel.

The rest will be allocated to build educational facilities such as kindergartens and universities. The entire project is expected to be finished in five to eight years.

Greenland has invested more than 30 billion yuan in 20 cities across the nation so far, the company said. Among the market's other bright spots, Youyou Group, one of the city's largest privately owned developers, said it will spend 1.5 billion yuan building a mixed-use project, including offices, a hotel and serviced apartments, near the site of the 2010 World Expo in Shanghai's Pudong New Area.

Shan Jiaming, president and chairman of Pudong-based Youyou, said the company will hold onto the property instead of making quick sales after completion next year, banking on the long-term investment return from the global event. The company expects to more than double its rent-yielding property, such as warehouses and office space, from its current 210,000 square meters to 500,000 square meters by 2010.

Source:佚名