Savills Plc, the UK’s largest real estate broker, aims to boost its business in Asia to 50 percent of its worldwide revenue, which will primarily be driven by China’s economic growth, Savill’s CEO Jeremy Helsby said.
China’s prospering economy will keep property demand high, he said. The company is also optimistic of Tokyo’s residential, office and retail properties, as valuations are high and the property market is well regulated, Mr. Helbesby added. However, he was more “cautious” about the UK and US markets, which needs more than a year to fully recover.
“The property markets in China are incredibly strong,” he said during the interview. “Real estate in America is on its knees. It will take 12 to 18 months to start to see big deals.”
Last year, the Asia Pacific region accounted for 33 percent of revenue for Savills.