Colliers International , Shanghai

The outbreak of a Richter scale magnitude 8 earthquake in Sichuan province on May 12 has shocked the entire Chinese community and the world.  Colliers has offered our condolences and responded quickly to initiates a worldwide donation drive for the needs.  In the intervening time, it is worthwhile to discern how the shock would affect the real estate in China.

• The earthquake has short term impact on Sichuan's property market due to disruption of wealth and income loss and as developers / investors / home buyers turn more cautious.
  
• Re-construction boom will lift economic growth in the medium term.  Re-emergence of demand and government support will provide good opportunities to developers.
  
• In the long term, investors / developers may re-evaluate risk on the quake zones.  The structural change may eventually be reflected in the property prices.

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About Colliers International

Colliers Macaulay Nicolls Inc. (CMN), operating as Colliers International, is a leading international real estate services company that provides a full range of services to commercial real estate users, owners and investors worldwide. These services include brokerage, property management, hotel investment sales and consulting, corporate services, valuation, consulting and appraisal services, mortgage banking and research. Through greater knowledge and specialization, CMN strives to accelerate the success of all its clients, partners, professionals, management and staff. CMN is a FirstService Company (Nasdaq: FSRV; TSX: FSV.SV). CMN is the largest member firm of Colliers International, one of the world's top commercial real estate services organizations, with revenues over US$2 billion in 2007 and 293 offices in 61 countries. CMN can be found on the Web at http://www.colliersmn.com. Locally, Colliers professionals serve clients throughout China. Find out more at www.colliers.com/china.

This report has been prepared by Colliers International Property Consultants(Shanghai) Co Ltd for general information only. Information contained herein has been obtained from sources deemed reliable and no representation is made as to the accuracy thereof. Colliers International does not guarantee, warrant or represent that the information contained in this document is correct. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This report and other research materials may be found on our website at www.colliers.com/china. Colliers Macaulay Nicolls Inc. and its country subsidiaries are member firms of Colliers International Property Consultants, an affiliation of independent companies with 293 offices throughout 61 countries worldwide.

Contact Information
Hingyin Lee
Director, Research and Consultancy
Tel : 86 21 6141 3580
Fax : 86 21 6141 3699
Email: hingyin.lee@colliers.com

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