In China the strength of the property sector has been another big surprise.
Property sales were up 53% in the first six months from a year earlier, according to a survey commissioned by the statistics bureau and published in the China Information News, while nationwide prices averaged across 70 cities climbed year on year in June.
This masks the fact that in second and third cities prices have been strengthening much more. Property normally accounts for about 25% of fixed asset investment in China and is a key form of wealth holding for most Chinese. Optimism about housing prices will translate into greater consumer confidence.
Chinese commercial real estate sales have increased in the first half of the year, recording more sales that the US and UK markets combined. Global commercial real estate sales are expected to continue growing in the second half of the year, which analysts believe will be the first step to global economic recovery.
The rebound in the Chinese property market is sustainable and could see real estate investment increase by 30% in 2010.
General Motors Co. Reported that its sales in China through the first eight months of the year increased 49.6%, to 1.1 million cars and trucks, compared to the same year-ago period.GM record August sales, which increased 112.7% compared to the same month a year ago, and continued strong demand for Chevrolet and Buick models.
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“We are now looking at a market of 11.5 to 12 million vehicles, up from 9.1 million units last year,” Kevin Wale, president of GM China, said in a statement. “We expect GM sales for the year … to rise by more than 40% from 2008.”
Albania has the world’s best growth in tourism and investment for 2009. Albania had very impressive growth in tourism this year.
The Albanian government reports that there has been a 42% increase in the number of tourists visiting the country compared to last year.
The Albanian private sector in tourism has been growing an average of 30% for five years. With new hotels, resorts, bars and restaurants. The Albanian economy had the best growth in Europe last year, and it’s estimated to have the same growth this year as well.
Foreign investments in Albania have increased 59% this year.
The Albanian government, led by Prime Minister Berisha, has created an excellent environment to attract investors to Albania.
There has been a focus on building roads and improving infrastructure. Efforts to improve the legal system to protect investors have also been significant. Albania offers the best tax system in Europe with a 10% flat tax. This has been the main reason that many Western European companies have chosen to escape the high taxes in Europe by investing in Albania.
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