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HOW TO MANAGE PROJECT RISK OF REAL ESTATE INVESTMENT IN MAINLAND CHINA: THE CASE OF WHEELOCK PROPERTIES LIMITED
CHAPTER 1
INTRODUCTION
1.1 Introduction of the Chapter
 This chapter will present and tackle about what to expect from this research. It will discuss about the background information about the selected topic or subject, which show the vital issues and problems which drive or motivate the author to study about it. In addition, it also describe the chosen case or company for this paper, together with the different research problems, aims, objectives and questions that will be answered and explained in the latter part of this thesis.

1.2 Background
China is considered as the fastest growing economy in the world today. From 1990 to 2005, China recorded an average GDP growth of 9.7%, closing huge gap from the growth rates of other developed countries. This is primarily because of the materialization of the real estate market. In order to adjust the structure of the economy, as well as to maintain its growth and development, the Chinese government puts one of their main focuses on the progress in urbanization.

 With the improvement of the economy and progress of urbanization, the demands for urban land and new dwellings have increased which lead to rapid growth of Chinese real estate market (Shen & Hui 2005). There are two important factors or events which pushed or caused the growth of the real estate market in Mainland, China. First is the growth of the country’s economy and the growth of the urban population. For more than 10 years, the urban population in China increased at an average annual rate of 4.8%, by 21 million yearly (figure 1). Consequently, in 2005 only, the number of urban residents was already 562 million or 43% of the entire population. It was estimated by EUI that the urban population in China will increase to 755 million or 54.4% of the entire population by 2015 (Quek & Ong 2008). Furthermore, because of the economy, the annual disposal income per capita of the citizen of China increased by 9% to 12% yearly since 2001 (figure 2).
Figure 1 Urbaniation Rate of China
 
 
source: (cited in Quek & Ong 2008)
Figure 2 Annual Disposal Income Per Capita in China
 
source: (cited in Quek & Ong 2008)
 The growing demand for dwellings and the impact of steady economy drove the past development of real estate market in China. The China National Bureau of Statistics (CNBS) reported that in 2004, the average growth rate of the market was 25.5% (figure 2).
Figure 3 Real Estate Investment in China

References
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Denzin, N & Lincoln, Y 2005, The SAGE Handbook of Qualitative Research, SAGE.
Donnelly, R 2004, The Complete Idiot’s Guide to Statistics, Alpha Books.
Economist Intelligence Unit 2010, Economist Intelligence Unit, https://www.eiu.com/ (accessed April 28, 2010).
Fan, C 2006, ‘China’s Eleventh Five-Year Plan (2006 – 2010): From “Getting Rich First” to “Common Prosperity”’, Eurasian Geography and Economics, vol. 47, no. 6, pp. 708 – 723.
Floyd, C & Allen, M 2002, Real Estate Principles, Dearbon Real Estate.
Galaty, F, Allaway, W & Kyle, R 2002, Modern Real Estate Practice, Dearborn Real Estate.
Gehner, E 2008, Knowingly Taking Risk: Investment Decision Making in Real Estate Development, Ebur本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。