An overall plan for Guangdong-Hong Kong-Macao Bay Area will be published later this year. Covering the member cities and major projects, the plan is expected to give a hint as to where the opportunities in the future will be.
Recently in a media conference, the Greater Bay Area was a focal point and was analyzed in depth by Savills, a renowned global real estate services provider. This UK enterprise launched its Southern China business in 1997, and now has branches in Guangzhou, Shenzhen and Xiamen offering services on projects like Taiguhui in Guangzhou’s Tianhe District.
A new metro station serving Nansha Passenger Port opened recently. [Photo Newsgd.com]
“The company is specifically interested in looking at where the infrastructure is going,” said Robert Ritacca, Senior Manager of Savills’ Southern China Research, “because infrastructure will bring business, and business will contribute to higher prices and more people. Now that rail transit is developing so rapidly here, more chances will be found in the emerging business areas.”
According to Savills, more than one million square meters of new prime retail supply will be handed over in 2018, with the majority of new shopping malls set to open in these so called emerging areas, such as Panyu and Baiyun districts.
“In the Q3 last year, we painted a picture the big companies moving to Panyu, Nansha and Baiyun, ” said Robert Ritacca, “when we saw P&G, DiDi and Microsoft, we also saw a trend, which is caused by these improved transportation links.”
Later in December, Savills set up a branch in Nansha to offer services on high-end property. Robert Ritacca said he personally liked Nansha because it was at the center of the bay area with subways and expressways connecting with both Guangzhou’s CBD and Shenzhen. And being the entry-exit point for trade through the port, Nansha would have enormous potential in future.
Savills analyzes Guangdong’s recent planning to develop the Guangzhou-Shenzhen Scientific and Technological Innovation Corridor. [Photo provided by Savills]
In 2010, Robert Ritacca left America and started working in China. Being from a developed market, Ritacca said not all the business activities would be centered in Zhujiang New Town. Developing the Bay area and having cities with different functions was an inevitable move.
“In fact, we already see high-tech enterprises clustered in Shenzhen, research institutions in Guangzhou, and top manufacturers in Foshan,” said Ritacca, “compared to other bay areas worldwide which have overwhelmingly modern services but low level manufacturing, Guangdong has an excellent manufacturing foundation and is going to have modern services laid on top of that.”
“And if companies in Foshan and Dongguan could escalate their value chains, the province would have a much more efficient economy,” said Robert Ritacca, “some companies like Huawei have already been doing that, and there will be more like them in the future. This is the opportunity I see here.”
Reported by Jasmine Yin
Edited by Simon Haywood, Olivia Ouyang
