SHANGHAI-Atlanta-based Portman Holdings has grown its presence in the China markets by recently hiring Jack Wei and Michael Cox to the company’s development team here. The company has been working in China for more than 30 years.
Wei formerly managed several developments for John Buck International in Abu Dhabi, as well as the design and construction of luxury hotels for Accor North America. Cox has extensive experience in development in the Middle East, Australia and Southeast Asia, and was most recently a managing partner at MCJV International. Both John Buck and MCJV representatives did not return calls for comment.
Richard Jones, COO of Portman, tells GlobeSt.com that despite China’s attempts to avoid a development bubble, he believes there will continue to be growth opportunities. He says China's growth is not curbed, but it is in the process of being redirected. “What we are seeing right now is a cycle driven by the market reaction to policy initiatives intended to redirect real estate investment and development activity into certain markets and sectors,” he says.
In the near term, Jones says, China will be limited to affordable housing and select commercial and retail driven mixed use projects in the tier one markets. “There has been a lot of focus recently on the slow-down of the luxury residential market in the tier one cities, but we feel the market impact will be relatively limited and short term. There will continue to be strong growth opportunities in tier two and three cities in all sectors, but especially in affordable residential products and retail/commercial mixed use projects,” he says.
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