Shanghai leads property surge

Shanghai and Beijing, the two cities with Asia’s fastest-growing office rents, are set to lead a surge in commercial property transactions in China as more developers sell assets to raise cash for housing projects.

Sales of office and retail buildings in the two major Chinese cities will double this year to $10.4 billion (€7.9bn), according to Cushman & Wakefield, which doesn’t make nationwide projections.

The number of deals being negotiated in Shanghai in the past six months rose 50% from a year earlier, Jones Lang LaSalle Inc said.