Property developers shouldn't invest in Indian market, says Chinese media

Beijing [China], May 21 (ANI): China's semi-official mouthpiece, the Global Times, has asked Chinese property developers to avoid showing interest in housing projects in India. China's property sector has surpassed its peak growth period even as its housing market boomed with rapid, record-breaking sales and price growth in 2016. Chinese developers are finding interest in Indian markets Data from the National Bureau of Statistics, China's top statistics bureau, on Thursday pointed to an indication that tougher measures to rein in the red hot housing market have taken effect and that Chinese developers are looking for new sectors or markets to diversify their businesses . Domestic developers, including Dalian Wanda, have shown interest in housing projects in India. The Global Times has warned Chinese property developers to avoid blind rush into the Indian market in pursuit of the next big market opportunity where the rules are different. Chinese developers should avoid a blind rush into the Indian market where the rules of play are vastly different. The complexity of acquiring land in India is even greater, given the country's land control regulations. The fast-growing Indian economy and a burgeoning middle class has made the country increasingly alluring as an investment destination for Chinese businesses. The newest data from U.S.-based market research firm International Data Corporation revealed that Chinese phone vendors took up more than half of India's smartphone market in terms of shipments in the first quarter of the year, a promising sign perhaps that Chinese brands are popular in India, The Global Times reported. (ANI)