When a group of large institutional property companies gathered for a real estate conference in February, it was no accident that they met in Chongqing rather than Shanghai or Beijing.
The topic of the meeting, “Second Tier and Beyond,” has been dominating recent discussions among real estate investors in China: the reach beyond the most-developed urban locations and into the so-called second-tier cities, mainly the country’s provincial capitals. And Chongqing, a river port in Sichuan Province, is the largest of these cities.
China-watchers say they have noticed the idea gaining momentum for years, with the trend really advancing since 2005.[Full Text]