A report on Friday by Colliers International may lend support to a recent assertion by big commercial real estate developer Soho China of Beijing that its share are underpriced.
Colliers said the overall vacancy rate for office?space in the city declined to a??historical low? of 3.46% at the end of the second quarter, down 0.40 percentage point from the first quarter.
The rate was low amid resilient leasing demand and the absence of new supply, the real estate consultancy said.? Nestle, Kookmin Bank and Adidas are among the companies to recently add space, the report said.
Soho, led by the Chinese celebrity billionaire couple Pan Shiyi and Zhang Xin, said on June 28 it would buy back up to $200 million of shares in the Hong Kong-listed company.??The board believes its shares ?have been trading at a level which significantly undervalues? its assets and balance sheet, said the company, whose stock price has declined by 11% in the past year. ?Soho?s business is concentrated in Beijing and Shanghai.
Zhang and her family ranked at No. 16 on the 2011 Forbes China Rich List (click here for the list).
?Follow me on Twitter @rflannerychina
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