Shimao Group eyes Beijing-Tianjin-Hebei region

Shimao Group, one of the country's major property developers, will commit to the Beijing-Tianjin-Hebei economic circle in the coming years, according to the company's top management.

"Further exploring the Beijing-Tianjin-Hebei economic circle is one of the most important strategies for us," said Liu Hui, president of Shimao Group's North China region.

The company, for instance, is going to launch its top-end luxury project "Loong Palace" in Beijing, as one of its latest efforts in exploring the region.

According to a JLL report, the villa market in Beijing saw limited supply in the second quarter. Under stable demand and limited supply, villa prices rose 3.4 percent quarter-on-quarter from April to June this year. But the tightening real estate policies may weigh on the price increase in the high-end residential market, Joe Zhou, head of research for China at JLL, said.

In the first half of 2018, Shimao's contracted sales reached 16 billion yuan, a year-on-year increase of 60 percent, according to Shimao Group's financial report. By the end of June, Shimao has achieved 67 percent of its annual sales target of 24 billion yuan.

Wang Jiaqi contributed to this story