US-based commercial real estate firm CBRE to up China investment

United States-based commercial real estate services and investment firm CBRE plans to increase its investment and further localize the company's business in China in the coming three to five years, bringing its best resources to the world's second-largest economy.

Although no specific figure was revealed, Alan Li, president of CBRE China, said during the past six months, CBRE had been increasing its investment in China.

While many multinational corporations are axing jobs due to the COVID-19 epidemic, CBRE China recently hired an entire expert team from the market, adding nearly 100 professionals to the company's Chinese branch.

"We are optimistic about the Chinese market. In recent years, the Chinese government has been stepping up efforts to build a better business environment and deepen opening-up. China is always keeping an open mind and willing to make friends with countries and regions around the world," he said.

Especially, he said, that in the past years, China had made tremendous progress in opening up the financial industry.

Other multinational corporations, which are cooperative partners with CBRE, said the new Foreign Investment Law, which took effect on Jan 1, offers foreign enterprises more convenience in investing in China. Most of the companies said they are planning to increase their investments in China in the coming years.

Wang Bingnan, vice-minister of commerce, said earlier during a press conference that China will continue to reduce the negative list for foreign investment access, and accelerate the country's opening-up process.

The Ministry of Commerce also has promoted transparency of the negative list to help facilitate foreign investment.

Last month, CBRE launched the Greater China 2030 plan. According to the report, by 2030, China will become Asia-Pacific region's largest commercial real estate investment market. Annual transaction volume is expected to reach 650 billion yuan ($100 billion).