On invitation from the Beijing Municipal Construction Committee, Sino-Ocean Land CEO Li Ming addressed the Beijing Daily, BTV and other mainstream Beijing media outlets in an afternoon gathering at Ocean Ambiance. Mr. Li also took questions about closely-watched issues, including brisk sales at Ocean Ambiance and the possibility of a turnaround in the property market.
Mr. Li began with a rundown of Beijing s real estate market in 2008. After more than a decade of rapid development, he explained, real estate supply and sales peaked in 2007. Meanwhile, soaring home prices drew the attention of the industry, the government and consumers. Heading into 2008, both supply and demand began to feel the impact of macro-level controls, and a wait-and-see attitude pervaded the market. During the second half, the market suffered an additional blow from the global financial crisis.
In the long run, Mr. Li believes, government macro-controls will make the industry a healthier one. The government and corporate sectors, as well as consumers, should maintain a rational, positive attitude in the face of the struggling market and financial crisis. By the first half of 2008, Sino-Ocean Land had begun to discard its illusions and focus its energy on what was achievable: on the one hand, rapidly and proactively reworking its marketing strategies; on the other, striving for better quality. Ultimately, the market rewarded this approach.
In the case of Ocean Ambiance, there was less than a year between Sino-Ocean s acquisition of the land, in January 2008, and the property's market debut in November, making Ocean Ambiance the company s fastest-moving development yet. On the one hand, this was thanks to Sino-Ocean s strategy of proactive response and rapid turnover ; on the other, the process benefited from more transparent and effective administration by the relevant government authorities. Ocean Ambiance units went on sale twice within two months during 2008, doing brisk business each time. With over RMB 1.7 billion in sales closed, it should be clear that there is indeed such a thing as inelastic demand. From a supply perspective, businesses must respond actively to the market. A reasonable balance of supply and demand is necessary for community resources to circulate rapidly and for consumers to benefit. Asked about third-phase prices for Ocean Ambiance, to be announced this March, Mr. Li said to expect a reasonable adjustment of Phase II prices.
The event concluded with an in-depth discussion of topics including the second phase of development for Poetry of River, the direction of the real estate industry in 2009, and the possibility of a turnaround in the property market.
Mr. Li began with a rundown of Beijing s real estate market in 2008. After more than a decade of rapid development, he explained, real estate supply and sales peaked in 2007. Meanwhile, soaring home prices drew the attention of the industry, the government and consumers. Heading into 2008, both supply and demand began to feel the impact of macro-level controls, and a wait-and-see attitude pervaded the market. During the second half, the market suffered an additional blow from the global financial crisis.
In the long run, Mr. Li believes, government macro-controls will make the industry a healthier one. The government and corporate sectors, as well as consumers, should maintain a rational, positive attitude in the face of the struggling market and financial crisis. By the first half of 2008, Sino-Ocean Land had begun to discard its illusions and focus its energy on what was achievable: on the one hand, rapidly and proactively reworking its marketing strategies; on the other, striving for better quality. Ultimately, the market rewarded this approach.
In the case of Ocean Ambiance, there was less than a year between Sino-Ocean s acquisition of the land, in January 2008, and the property's market debut in November, making Ocean Ambiance the company s fastest-moving development yet. On the one hand, this was thanks to Sino-Ocean s strategy of proactive response and rapid turnover ; on the other, the process benefited from more transparent and effective administration by the relevant government authorities. Ocean Ambiance units went on sale twice within two months during 2008, doing brisk business each time. With over RMB 1.7 billion in sales closed, it should be clear that there is indeed such a thing as inelastic demand. From a supply perspective, businesses must respond actively to the market. A reasonable balance of supply and demand is necessary for community resources to circulate rapidly and for consumers to benefit. Asked about third-phase prices for Ocean Ambiance, to be announced this March, Mr. Li said to expect a reasonable adjustment of Phase II prices.
The event concluded with an in-depth discussion of topics including the second phase of development for Poetry of River, the direction of the real estate industry in 2009, and the possibility of a turnaround in the property market.
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