Rising property values and a booming regional economy are bringing more attention to southern China’s real estate market, and global property consultancy Colliers International is adding to its team in Guangdong province as the market for commercial space continues to grow.
The Canadian-based firm recently introduced former CBRE executive Alan Fung as its new Managing Director for Guangzhou, as the company establishes a national business structure.
Fung, who previously served as Managing Director for Guangzhou with CBRE has already commenced his duties overseeing the Colliers’ office in the capital of Guangdong province. The 20-year industry veteran will also manage the company’s Office Services division in Guangdong’s other metropolitan centre, Shenzhen.
“Southern China is an important region for Colliers International, not only serving as a gateway between Hong Kong and the Mainland, but as an active real estate market for local and regional clients,” Colliers CEO for Asia Pacific David Hand said in a statement.
With Shenzhen benefitting from a growing high tech sector and improved rail links between Hong Kong and Guangdong province, the two megacities of Guangdong province have become major targets for commercial developers. Colliers expects 15 new office projects totalling more than one million square metres of space to be rolled out in Shenzhen this year, while Guangzhou should also be able to keep a team of brokers busy leasing out the 227,500 square metres expected to enter the market via three new projects in 2017.
With Fung joining in Guangzhou, the company’s former Managing Director of Institutional Client Services in Southern China, Eric Lam will now take on a specialist role leading Capital Markets Transactions, according to a statement by Colliers. In Shenzhen, Joey Yuan will continue to serve as Deputy Managing Director, a role he was promoted to in 2016.