Singapore-based CapitalLand (CAPL:Singapore, CLLDY:OTC), for example, has long held a mix of malls, offices and residences. Hong Kong-based Henderson Land Development (0012.HK:Hong Kong) and the London-listed Kerry (KYGA:London) have fanned out around China in the same way.
These firms have the experience and connections to make the most of the less fettered market ahead. But Western developers, though shyer than Asian peers because of market entry barriers, are testing China now from the ever-safe foundation of joint ventures with local counterparts.
Taubman TCBL, a year-old China-based subsidiary of Taubman Asia -- itself a subsidiary of Taubman Centers (TCO) -- has a joint venture with the Beijing Wangfujing Department Store (600859:Shanghai) for a controlling interest in a mixed-use shopping mall in the central Chinese super city of Xi'an.High returns from these projects, even if not at history's highest prices, will inevitably invite new foreign capital. At the time of publication, the author held no positions in any of the stocks mentioned. Follow @laowiseass This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.
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