China's real estate markets only became a stable commodity in1992, said Henry Cheng, director and CEO of Chongbang DevelopmentLtd. Group, Shanghai, which opened the 2.6 million-sf Life Hub atDaning mixed-use project in Shanghai last year.

"It's like a 15-year-old child," Cheng said. "And we know thenext 15 years will be very different from the last 15." Growth willbe maintained, with first-tier cities staying solid, and a rampingup of development in second-tier cities, Cheng added.

Some retailers are growing extremely rapidly, said Li Ping,chairman and president of Shanghai-based RCS Group Ltd., which hasopened Papa John's and Dairy Queen units in the country. In fact,rapid expansion has been the key to his company's success. RCS nowoperates 75 Dairy Queen units (both kiosks and café-style stores)nationwide, but expects to open 1,000 additional locations by2015.