Monthly Update: August 2011

Market News

News from Macau was extremely positive. Gambling revenue exceeded US$3 billion in July for only the second time on record with August expected to be even better. Galaxy’s new mega resort has had huge success taking HK$50 billion in 47 days from high stake gamblers, a phenomenal amount.

'DSC07312' photo (c) 2010, Adam - license: http://creativecommons.org/licenses/by/2.0/

An interesting trend appeared in the press in August when firstly a number of fake Apple Stores were discovered in Kunming, China. Since they were discovered, more have been found across the region and now other brands seem to have been replicated. Fake Ikeas (some say they are better than the real thing) have also appeared. Have you seen any other copy stores in China?

Hong Kong developers are expected to take advantage of the strong financial positions by snapping up land in mainland China. With the recent property curbs in China affecting some of the Chinese developers, many think now is the perfect time for the cash rich Hong Kong developers to take advantage. Many Hong Kong developers are extremely bullish about prospects in China and are looking to increase their land banks significantly.

'Constructing away my view' photo (c) 2009, Tyler - license: http://creativecommons.org/licenses/by/2.0/

Speaking of property curbs, the prices of flats in China’s 3 main cities, Beijing, Shanghai and Shenzhen, were flat for the first time in 3 years. This is a sure sign of the measures introduced by the governments beginning to have an effect on property prices. Prices in other cities continue to grow but at a slower pace. Can China avoid the bubble scenario that so many analysts feared?

In Hong Kong retail rentals are expected to grow by up to 50% in the next 3 years. This after Abercrombie & Fitch were announced to be paying around HK$7 million per MONTH in rent for their new store on Pedder Street. Demand for retail, both luxury and mid range brands, is expected to remain strong and keep prices high. Many long term tenants are having to find new spaces due to rents sometimes being more than doubled when they come to renew leases.

Poll Result

This month we wanted to assess the sentiment given the changeable market conditions globally. At the end of August, things seem to have settled somewhat but we asked whether the recent turmoils would have any effect on the Asia markets in Property and Construction. Results below:

It would seem that people are cautiously optimistic with the vast majority (65%) feeling that things may slow in Asia but long term the prospects are good. Perhaps most surprising was the increase in people that feel that there could well be a slowdown in things which will be difficult to recover from. 1/5 of you think a slowdown is inevitable and that a subsequent pick up will be slow in happening. Only 14% of you felt things were going to continue positively with no slow down. When compared to the results of our similar March poll it is clear that many more of you are cautious in your optimism – 10% thought that danger could be lurking so to find that 20% of you are now concerned is quite surprising. We’ll continue to see how sentiment changes as the months go by. As always, most of our respondents are from Asia or overseas but working in the region.

Thank you again for voting and check back later this month for another poll.

What’s Hot

Architectural vacancies have soared in August. We currently have requirements for candidates at Project Architect and above in all major locations: Hong Kong, Shanghai, Beijing, Shenzhen and Singapore. As always, the requirement for candidates to be strong Mandarin speakers and/or have experience in China remains although exceptional overseas talent MAY be considered if they have the right profiles. However, if you are not in Asia and able to meet people face-to-face, it will probably be near impossible to secure something. We have also had a number of roles come in for experienced Urban Planners and Designers, particularly for Shanghai and Shenzhen. We are urgently looking for a Urban Planning/Design Director to lead a team in Shanghai so get in touch with any recommendations. Interior designers are required in Shanghai and Beijing particularly. Most in demand are those with retail and commercial experience.

On the Engineering side we have two very key senior positions available for candidates to head up M&E divisions within 2 of the regions leading companies. These are key leadership roles and will suit people who want to grow and develop a team and business for an international business.

Our roles within developers continue to be for Project Managers and Senior Project Managers. Architecturally trained staff are in high demand as always as are those with E&M backgrounds. We have had some real success in the last month or two placing a lot of people within some of the best international developers out there so if you are interested in a challenging position in China, can speak Mandarin and have experience working on high end projects, please get in touch. We can introduce you to the key decision makers within these prestigious firms.

Most Urgent Requirements

We have outlined below the urgent vacancies we have had through from clients over the last month.

  • Senior Project Managers – Hong Kong and China – multiple needs from Top Tier Developers
  • Senior Project Manager – Hotels – Hong Kong -a great little Boutique Hospitality Practice
  • Senior Design Manager – Hong Kong – top developer
  • Interior Designers – Retail – Shanghai – international design practice
  • Senior Urban Designer – Beijing – leading design firm
  • Project Director – China – 2 or 3 positions for a Top Developer to be based on landmark schemes in China
  • Urban Planners – Hong Kong, Shanghai and Shenzhen – multiple roles within a growing award winning design firm. Bilingual candidates only
  • Urban Designers – Hong Kong and China – award winning international practice
  • Senior Architectural Designer – Hong Kong – to lead a design team for a top international design practice

We also have many, many more roles posted on our website and these are only an overview of our top positions at this time. Please check back regularly. The easiest way to stay up to date with our latest positions is to follow us on Twitter.

Please visit our website for more information on the above roles and our other vacancies:

http://www.ellicottlong.com/current-jobs.

If you wish to enquire about a position please send an email and your CV to apply@ellicottlong.com.

Follow us on Twitter here: www.twitter.com/ellicottlong. Please also subscribe to our blog by filling in the email subscription form on the right to stay up to date with our latest posts, updates and information.

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