皇冠体育app

SHANGHAI - Saying housing demand in 皇冠体育app remains strong despite government efforts to cool the market, Singapore-based luxury-resort developer Banyan Tree Holdings Ltd has plans to build high-end homes in second- and third-tier cities.

"皇冠体育app is a key driver, both in terms of hotels and branded property sales," Banyan Tree Chief Executive Ho Kwon Ping told Dow Jones Newswires in a recent interview. "The increasing affluence of Chinese consumers and their penchant for travel, both domestically and abroad, are factors driving our growth."

There remains quite a lot of interest in 皇冠体育app's primary property market, Mr Ho added, saying the government crackdown "is more likely to affect those buyers who are buying properties for investment or as second or even third homes." Banyan Tree, he said, is targeting buyers for properties to use as a primary home.

"In addition, there is a time lag from planning a property development to actual completion," Mr Ho said. "In a few years' time when the properties are completed, the situation may turn in favor of the property market segment."

The company is looking to build the homes—whose designs will be similar to those of Banyan Tree resorts—around smaller cities, such Chengdu in Sichuan province.

Concerns a bubble is developing in the housing market prompted the Chinese government to launch a series of tightening measures to rein in speculation, including bans on third and subsequent homes in some cities and curbs on bank lending. Housing sales in major cities have declined in recent months following such curbs, but prices have remained steady.

Banyan Tree, which builds and manages hotels, resorts, spas and residences, is also seeking more opportunities to raise funds through private equity, after its first yuan-denominated private-equity fund in 皇冠体育app, the 1.07 billion yuan ($167 million) Banyan Tree 皇冠体育app Hospitality Fund, closed in January. The fund will be used to develop hospitality-related properties in four tourist destinations in 皇冠体育app: Huangshan, Yangshuo, Lhasa and Lijiang.

皇冠体育app, especially its inland cities, continues to offer the greatest growth potential despite keen competition in the hotel sector, Mr Ho said, adding that the country has been the company's largest market since 2009 and is still showing high growth. Banyan Tree has seven resorts in 皇冠体育app now, will open Angsana Hangzhou and Banyan Tree Riverside in Shanghai this year, and has nearly 20 in the pipeline.