Beijing, May 19 (IANS) Chinese property developers were urged on Friday not to move into the Indian market in a hurry.Also Read - From Compulsory Leaves to Forced Resignations, How Countries Making COVID Vaccines Must For Citizens
Other than building properties in developed markets that typically appeal to wealthy Chinese, domestic developers have shown an interest in housing projects in India, the Global Times said on Friday. Also Read - Afghanistan Should Not Become Threat To Neighbouring Countries: PM Modi at 13th BRICS Summit
A staff writer in the daily said India was seen as an ideal choice for Chinese property developers in pursuit of the next big market opportunity. Also Read - China Develops Prototype Drone For Future Mars Missions
But it should not be taken for granted that the emerging middle class in India was ready to support a housing boom, the daily warned.
“Chinese developers should avoid a blind rush into the Indian market where the rules of play are vastly different.
“While bidding for land in China for property development normally entails substantial efforts, the complexity of acquiring land in India is even greater, given the country’s land control regulations.”
The report said Chinese phone vendors took up more than half of India’s smartphone market in terms of shipments in the first quarter of the year.
“But Chinese businesses, property developers in particular, should not see this as the start of a race to invest in the Indian market.”
This is published unedited from the IANS feed.