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A Mood for Urban Renewal at MIPIM Asia 2010

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The recently concluded fifth edition of MIPIM Asia in November last year saw sustainable urban renewal real estate projects taking center stage where some of the region’s most ambitious urban renewal real estate projects, ranging from the Shanghai Huangpu River Banks Comprehensive Development Project to Hong Kong’s 320-ha Kai Tak Development were showcased to the 1,900 MIPIM Asia delegates from 42 countries.

According to Kai Tak and the Government of the Hong Kong Special Administrative Region’s global urban renewal policy’s Secretary for Development, Carrie Lam, urban renewal is their way to efficiently put optimum re-use of the precious land resources.

“The value of urban land is not just what we are after. It is the well-being of our citizens living in a dilapidated environment and the regeneration of our urban city centre.”

The delegates were also increasingly optimistic about the state of the Asia Pacific property market. According to research carried out with MIPIM Asia delegates by the Wisconsin School of Business and the Hong Kong UST Business School, a continued sense of optimism over the future of real estate in the region is reported with the Chinese market being driven by strong fundamentals. The continuing urbanization, a growing middle class and the government’s management of the economy are making China an attractive investment opportunity.

“The fact that China and the Asia Pacific region are economically outperforming the rest of the world is reflected in the real estate sector and in the mood at MIPIM Asia,” said Filippo Rean, MIPIM and MIPIM Asia Director.

“What has been particularly noticeable at this year’s event is the renewed interest and presence of companies from outside the region with an increasing number represented from the United States, France and the United Kingdom. Investor interest in Asia Pacific is strong and we expect it to be even stronger at the next MIPIM Asia.”

Investment opportunities abound at the event as well. Western Australia’s State Government Planning Minister, John Day, announced Perth’s desire to attract US$9 billion in international investment for urban renewal projects in the city, with the State Government injecting US$2 billion.

From the nearby Taiwan, her Minister of the Council for Economic Planning and Development Christina Liu, led a 50-strong Taiwanese delegation who brought 30 infrastructure and urban renewal projects worth US$70 billion to MIPIM Asia.

The event also saw many China based projects making a clean sweep in the MIPIM Asia 2010 Awards.