Asian developers are investing billions in India
Asian developers are investing billions in India
Japan and China find common ground in the subcontinent
Emboldened by the Indian government’s revised foreign direct investment (FDI) target, property developers from China and Japan have renewed interest in their subcontinental neighbour.
According to Jones Lang LaSalle (JLL) India, Japanese real estate developers are set to shower USD2 billion on the subcontinent over the next three years.
Not to be outdone, a reported USD3 billion in investments from China will also flow into the Indian real estate market within three years, and Chinese property giant Dalian Wanda Group have announced a multibillion-dollar project to get underway this year.
Such big-ticket investments have proven enticing in recent months, even to the Chinese still contending with an economic slump. Since November, the Indian government has eliminated almost all restrictions on FDI, ushering in projects regardless of size and capitalisation.
More: The lowdown on India’s game-changing real estate bill
In the following months, Dalian Wanda may begin construction of Wanda Industrial New City, a humongous industrial park in the state of Haryana that will house facilities representing an assortment of sectors from manufacturing to machinery.
With an outlay of USD10 billion, Wanda Industrial New City eclipses most other Chinese investments in foreign territories last year, according to JLL.
Chinese developers Gezhouba Group and China Fortune Land Development Company Private Limited have also pledged investments into irrigation projects and industrial parks in the states of Telangana and Haryana, respectively.
Meanwhile, the Japanese are preparing to kick-start industrial projects of their own, according to JLL India chair Anuj Puri.
“Japanese developers are keen to explore strategic partnerships and enter into joint ventures with Indian builders,” he said.
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Source: Property Report