Welcome to China
The most populous country in the world, China has a 4,000-mi (6,400-km) coast that fronts on the Yellow Sea, the East China Sea, and the South China Sea. China comprises 22 provinces, five autonomous and four government-controlled municipalities (Beijing, Chongqing, Shanghai, and Tianjin). China is the seventh largest economy and has the youngest population in all of Asia. Coastal cities, especially in the southeast, have benefited greatly from China's increasingly open trade policies. Most of China's large cities, e.g. Shanghai, Tianjin and Guangzhou, are also the country's main ports. In 1993 a revision of China's constitution called for the development of a "socialist market economy" in which the Communist party would retain political power while encouraging a free market economy. This economic change continued and by the end 2003 China had experienced a robust growth rate of more than 9%. China's total value of goods and services has been growing at a double digit rate for over 20 years. Although growth figures are now in the single digits (about 7.3 %), this is a large market that cannot be ignored. The World Bank estimates by the year 2025 China's economy will account for 25% of the total World Economy. Driven by domestic demand and supported by World Trade Organization accession, China economy should continue to grow robustly.
Real Estate in China
With the robust outlook of China's economy, international corporations and banking institutions are eyeing for a piece of the pie in the up and coming promising land of opportunity, with especially keen interest in major cities such as Shanghai and Beijing. With the presence of these corporations and institutions, foreigners from all over the world are flooding into these cities, all keen to experience life in one of the most fascinating and exciting places in the world. This, undoubtedly, will lead to high demands for both residential and commercial properties. In addition, the rising standards of living of the natives coupled with their desire for better homes and living conditions will definitely add to an increasing demand to upgrade to better housing. These, and the support for development of infrastructure and communication systems from the Chinese government, will undoubtedly fuel the transformation of the property scene in China into a very flourishing and profitable market.
About ERA in China
The new ERA Real Estate Consulting (Shanghai) Co. Ltd in Shanghai has started operations and aims to get a slice of the large Chinese property market. The Shanghai office will also sell franchisee rights to real estate agencies within Shanghai. The company will focus on the resale residential market, and work with Singapore property developers in China to market their Chinese properties. Besides ERA Shanghai, ERA has successfully signed up a franchisee in the capital city of Beijing. Therefore, with ERA's presence in Shanghai and Beijing, ERA hopes the wider and stronger international referral network system is able to provide better and more convenient services to both its local and international sellers and buyers.
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