Mumbai : India's Hub Of Skyscrapers

India is one of the fastest growing economies in the world and has almost an unparalleled potential in the field of Real Estate. The number of billionaires in this country is increasing at a catalytic pace along with a huge increase in financial resource and investments. The city leading this economic revolution in India is none other than it’s financial capital – Mumbai.

Located on the coastline along the Arabian Sea it has a very strategic geographical location and attracts corporates across the globe. The number of skyscrapers has increased wildly in this megacity and 43 out of 45 tallest buildings in India are here ! By 2015 Mumbai will have all the 100 tallest towers in India !

Following is a list of the tallest towers of India :

This lists ranks buildings in India that stand at least 90 m (295 ft) tall, based on standard height measurement. This includes spires and architectural details but does not include antenna masts. Only completed buildings and under construction buildings that have been topped out are included.

Serial – Tower Name – Location – Height – Floors – Completion Year

1 Imperial Tower I - Mumbai - 249 metres (817 ft) – 60 floors - 2010

2 Imperial Tower II - Mumbai - 249 metres (817 ft) - 60 - 2009

3 Planet Godrej - Mumbai - 181 metres (594 ft) - 51 - 2009

4 Ashok Towers 1 - Mumbai - 193 metres (633 ft) - 49 - 2009

5 RNA Mirage - Mumbai - 180 metres (591 ft) - 40 - 2009

6 Raheja Legend - Mumbai – NA - 40 - 2009

7 Oberoi Woods Tower I - Mumbai - 170 metres (558 ft) - 40 - 2009

8 Oberoi Woods Tower II - Mumbai - 170 metres (558 ft) - 40 - 2009

9 Oberoi Woods Tower III - Mumbai - 170 metres (558 ft) - 40 - 2009

10 Raheja Atlantis - Mumbai – NA - 40 - 2009

11 MVRDC - Mumbai - 156 metres (512 ft) - 35 - 2002

12 Shreepati Arcade - Mumbai - 153 metres (502 ft) - 45 - 2002

13 Vasant Polaris - Mumbai - 151 metres (495 ft) - 34 - 2009

14 Belvedere Court - Mumbai - 149.35 m (490 ft) - 40 - 2008

15 Kalpataru Heights - Mumbai - 144 metres (472 ft) - 39 - 2008

16 Vasant Grandeur - Mumbai - 172 metres (564 ft) - 38 - 2009

17 Sheth Beaumonde Towers 1 - Mumbai – NA - 35 - 2009

18 Sheth Beaumonde Towers 2 - Mumbai – NA - 35 - 2009

19 Sheth Beaumonde Towers 3 - Mumbai – NA - 35 - 2009

20 Heritage - Mumbai – NA - 36 - 2008

21 Orbit Heights - Mumbai – NA - 40 - 2009

22 The Legend - Mumbai – NA - 40 - 2009

23 Shreepati Castle - Mumbai – NA - 43 - 2009

24 Shreepati Towers - Mumbai – NA - 40 - 2009

25 Suraj Towers - Mumbai – NA - 40 - 2008

26 Oberoi Skyheights Tower 1 - Mumbai - 150 metres (492 ft) - 37 - 2009

27 Oberoi Skyheights Tower 2 - Mumbai - 150 metres (492 ft) - 37 - 2009

28 Four Seasons Hotel Mumbai - Mumbai - 146 metres (479 ft) - 37 - 2008

29 Tahnee heights - Mumbai - 137 metres (449 ft) - 35 - 1994

30 Oberoi Springs Tower 1 - Mumbai – NA – 40 - NA

31 Oberoi Springs Tower 2 - Mumbai – NA – 40 - NA

32 Oberoi Springs Tower 3 - Mumbai – NA – 40 - NA

33 Commerz Tower - Mumbai - 133 metres (436 ft) - 32 - 2009

34 Oberoi Trident - Mumbai – NA – 35 - NA

35 ITC Grand central - Mumbai - 127 metres (417 ft) – 35 - NA

36 Dhawalgiri - Mumbai – NA – 33 - NA

37 Zahra - Mumbai – NA – 32 - NA

38 Kshitij Apartments - Mumbai – NA – 33 - NA

39 DSK Durgamata Towers - Mumbai – NA – 32 - NA

40 Verona - Mumbai - 129 metres (423 ft) – 30 - NA

41 Avalon - Mumbai - 129 metres (423 ft) – 30 - NA

42 Orchid Towers - Mumbai – NA - 32 - 2008

43 Antilia - Mumbai - 173 metres (568 ft) - 27 - 2010

44 South City Tower 1 - Kolkata – NA - 35 - 2008

45 South City Tower 2 - Kolkata – NA - 35 - 2008

46 South City Tower 3 - Kolkata – NA - 35 2008

47 South City Tower 4 - Kolkata – NA - 35 - 2008

48 Civic Centre - Delhi - 112 metres (367 ft) - 28 – 2010

Tallest Under Construction:

This lists buildings that are under construction in India and are planned to rise at least 90 m (295 ft). Buildings that are only approved or proposed are not included in this table.

Serial – Tower Name – Location – Height – Floors – Completion Year

1 India Tower - Marine Lines, Mumbai - 720 metres (2,362 ft) – 125 - NA

2 World One - Worli, Mumbai - 442 metres (1,450 ft) - 117 - 2014

3 Lokhandwala Minvera - Mahalaxmi, Mumbai - 307 metres (1,007 ft) - 82 - 2014

4 Palais Royale - Lower Parel, Mumbai - 298 metres (978 ft) - 67 - 2012

5 Orchid Heights Tower 1 - Jacob Circle, Mumbai - 300 metres (984 ft) - 80 - 2013

6 Orchid Heights Tower 2 - Jacob Circle, Mumbai - 300 metres (984 ft) - 80 - 2013

7 Indiabulls Sky Forest Tower 1 and 2 - Lower Parel, Mumbai - 80, 60 - 2012

8 Indiabulls Sky Suites - Lower Parel, Mumbai – NA -75 - 2012

9 Indiabulls Sky - Lower Parel, Mumbai – NA -60 - 2012

10 Lodha Bellissimo - Lower Parel, Mumbai - 252 metres (827 ft) - 50 - 2010

11 Orchid Crown Tower 1 - Prabhadevi, Mumbai – NA - 75 - 2011

12 Orchid Crown Tower 2 - Prabhadevi, Mumbai – NA - 75 - 2011

13 Orchid Crown Tower 3 - Prabhadevi, Mumbai – NA - 75 - 2011

14 Orbit Terraces - Lower Parel, Mumbai – NA – 61 - NA

15 Victoria - Mahalaxmi, Mumbai – NA - 55 - 2010

16 Lodha Primero - Worli, Mumbai - 210 metres (689 ft) - 52 - 2010

17 Orchid Enclave - Mumbai Central, Mumbai - 210 metres (689 ft) - 50 - 2009

18 Orchid Woods Tower A - Goregaon, Mumbai - 198 metres (650 ft) - 53 - 2010

19 Orchid Woods Tower B - Goregaon, Mumbai - 198 metres (650 ft) - 53 - 2010

20 Orchid Woods Tower C - Goregaon, Mumbai - 198 metres (650 ft) – 53 - 2010

21 Thrill Tower - Mumbai – NA - 36 - 2012
22 Acura 1 - Mumbai – NA - 34 - 2011

23 Acura 2 - Mumbai – NA - 32 - 2011

24 Triumph Tower - Mumbai – NA - 36 - 2012

25 Le Palazzo - Mumbai – NA - 46 - 2010

26 Vivarea Tower 1 - Mumbai – NA 45 - 2011

27 Vivarea Tower 2 - Mumbai – NA - 45 - 2011

28 Vivarea Tower 3 - Mumbai – NA - 45 - 2011

29 Satellite Tower - Mumbai – NA - 37 - NA
30 Rushabh - Mumbai – NA - 40 - NA

31 Orchid Turf View - Mumbai – NA - 52 - 2010

32 Shangri-La Hotel - Mumbai – NA - 45 - 2010

33 Raheja Solaris - Mumbai – NA - 40 - NA
34 Orbit Grand - Mumbai – NA - 35 - 2010

35 Jogeshwari Residential Tower - Jogeshwari, Mumbai – NA – 60 - NA

36 Spring Mills, Mill Lands - Mumbai – NA - 60 - NA

37 Sarvodaya Heights - Mumbai – NA - 52 - 2010

38 Orchid Views Tower 1 - Mumbai – NA - 47 - 2013

39 Orchid Views Tower 2 - Mumbai – NA - 47 - 2013

40 Rehab Housing Pvt Ltd Tower - Navi Mumbai – NA - 50 - NA

41 RNA Metropolis Tower 1 - Mumbai – NA - 48 - 2014

42 RNA Metropolis Tower 2 - Mumbai – NA - 48 - 2014

43 Lodha Imperia - Mumbai – NA – 45 - NA

44 Ariisto Heaven I Tower 1 - Mumbai – NA – 45 - NA

45 Ariisto Heaven I Tower 2 - Mumbai – NA – 40 - NA

46 Aquaria Grande Tower 1 - Mumbai – NA – 42 - NA

47 Aquaria Grande Tower 2 - Mumbai – NA – 42 - NA

48 Oberoi Springs Tower 1 - Mumbai – NA – 40 - NA

49 Oberoi Springs Tower 2 - Mumbai - NA – 40 - NA

50 Oberoi Springs Tower 3 - Mumbai – NA – 40 - NA

Manhattan Still Attracts Global Buyers

Manhattan Towers

Manhattan properties are still enticing foreign buyers, according to The Corcoran Group of New York City.
"We thought our foreign buyers would flee, but they haven't as yet," Pamela Liebman, president and CEO of The Corcoran Group told a Reuters Global Real Estate and Infrastructure Summit in New York.
The next four to eight weeks will reveal whether the euro zone market chaos that recently swept the single currency to a 4-year low will eat away at foreign demand for Manhattan properties, she said.

The mix of foreign buyers has already shifted over the past two years.
Italians, South Americans, Southeast Asians, Chinese and Russians are in. The Irish and Koreans are out.

Foreign buyers are looking for a safe and secure place to put their money, and they are finding that in the best-known U.S. addresses, Jay Koster, president of Americas Capital Markets for Jones Lang LaSalle, told Reuters.
The current buyers are typically wealthy and looking to buy for families for the long term rather than to flip.

Empire State Building, New York

Corcoran recently closed an $8 million condo sale in the Trump International building, with Central Park views, for a South American family, Liebman said.

What's gone, Liebman said, are brokers representing Irish, South American or Korean investors in purchases of multiple units, at times entire buildings.

Traffic at Manhattan Street

While the demand is still there, the supply isn't always sufficient.
Koster said foreigners are willing to stretch their limits for the sake of getting sought-after addressees.
U.S. mortgage rates have also fallen anew, with 30-year loans averaging near 4-3/4 percent, thanks to the euro zone turbulence. The flight to safety into U.S. Treasuries has pulled down yields used to peg home loan rates, boosting affordability here.

Winds Of Change In Syrian Capital Damascus' Trade Market

MAG 360 Global Trade Centre, Damascus

The winds of change are sweeping over Damascus... into the vibrant, ancient streets of Damascus - Dar'a International Road.

They bring with them a grand vision for doing business... one that will infuse the celebrated metropolis with unlimited possibility.

Early in the first millennium, Damascus established itself as a major trading crossroads of the world. Here, in this bustling "caravan city," the ancient trade routes branching from Arabia, Palmyra, and Petra converged with China's legendary Silk Road, bringing prosperity and renown to the city and all of Syria.

Azem Palace, Damascus

Now, the city of Damascus stands poised to reclaim its title as a global crossroads with the introduction of MAG 360 Global Trade Centre, Damascus. Rising impressively over Damascus, adjacent Dar'a International Road south of the city, MAG 360 fulfills a grand vision for doing business while infusing the historic metropolis with exciting new opportunities, innovative new ideas and unlimited possibilities.

Introducing MAG 360, a groundbreaking "business 2 business" concept, where cool, urban energy is delicately balanced by cutting edge technology.

Omayyed Mosque, Damascus

Situated on a 104,000 square meter site in a light industrial zone along Damascus - Dar'a International Road, MAG 360 stands out like an oasis in the desert, sparkling with promise and opportunities. The site's relationship to the street serves as more than an access and circulation solution; in fact, the streetscape plan is a key element of MAG 360's innovative character, separating vehicular traffic from pedestrian circulation while incorporating landscape and hardscape features expertly configured to evoke a unique sense of place.

Miami's Fontainebleau Sorrento Sells Last 25 Condos for Fire-Sale Price of $7.2 Million

Fontainebleau Sorrento, Miami Beach

Without fanfare or hype, the last 25 luxury condos at the 18-story, 311-unit, two-year-old Fontainebleau Sorrento in Miami Beach have been sold for $7.2 million or a bargain-basement price of $288,000 per unit.

The developer, Turnberry Associates of Aventura, FL, sold the property at 4391 Collins Ave. to BH III, the current owner of the 116-unit Terra Beachside at 6000 Collins Ave., also in Miami Beach. It was an all-cash deal.

When constructed in 2008, the Fontainebleau Sorrento condos were listed at $269,000 to $7.9 million per unit. The units range from 550 square feet to 1,742 square feet.

Mark Pordes of Pordes Residential Sales & Marketing in Aventura brokered the transaction.

"There was no public bidding and no negative publicity," Pordes says in a prepared statement.

"We position each transaction so that the purchased units won't compete with the ones that may still be for sale by the developer. It's complicated, but we make it work."

Pordes says the latest sale is a follow-up to a 25-unit bulk sale at the Fontainebleau Sorrento in August 2009 to a private investor group from New York for roughly $8 million or about $320,000 per condo.

"Bulk sales are working in this market because they provide developers/sellers with a quick cash solution and buyers with an excellent investment opportunity," says Pordes

"These deals will stay popular as long as lenders are in control of projects. Developers need to have certain thresholds met to conform with loan requirements and pay down their debt."

In June of this year, Pordes Residential negotiated the largest condominium bulk sale of the year in Florida -- 146 units at the 2700 North Ocean condominium towers on Singer Island in Palm Beach County for about $120 million to an investor group from New York.

That equates to another bargain-basement price of about $82,000 per unit.

"The smart thing for a developer to do now," says Pordes, "is to raise quick cash through a bulk sale to pay down or pay off debt to the lenders."

As with other deals, the Fontainebleau sale was handled quietly to protect the global reputation of the Miami Beach resort-hotel and its associated properties.
Pordes and his team took the same approach when they assembled a package sale of units for $7.5 million at Peninsula II in Aventura to a group of Argentinean investors in December 2009.

Pordes started his company after working for 10 years as vice president of Residential Sales for Turnberry Ltd., an Avenutra-based condo developer.

He oversaw Turnberry's portfolio in South Florida and the Bahamas including The Reef at Atlantis in Paradise Island, a condo-hotel, condo hotels Fontainebleau II and Fontainebleau III in Miami Beach, Turnberry Village, and Porto Vita in Aventura.

Pordes also handled international sales at Williams Island, and sales at Santa Maria on Brickell Avenue in Downtown Miami.

The firm's management team includes Michael Internoscia, vice president of sales, Michael Sadov, vice president of operations, and Mindy Pordes, director of business development.

The Temenos - A Great Architectural Beauty

The Temenos

A giant dual-ringed public art installation has been unveiled on Teesside.

The £2.7m Temenos structure has taken four months to piece together on the banks of the River Tees near Middlesbrough's Transporter Bridge.

Thousands of metres of steel wire have been woven between the two steel rings to create the 164ft (50m) high and 360ft (110m) long sculpture.

It was created by artist Anish Kapoor and structural designer Cecil Balmond.

It has taken four months to piece together Temenos.

'Truly amazing'

It is the first of five planned "Tees Valley Giants", with four other artworks planned for Stockton, Hartlepool, Darlington and Redcar.

Sean Egan, director of Tees Valley Regeneration's Middlehaven project, said: "Lifting the rings into the correct positions was a huge task in its own right.

"However, people will be able to see for the first time the truly amazing scale of the artwork."

Temenos is a Greek word meaning land cut off and assigned as a sanctuary or holy area.

Funding for the project came from regional development agency One North East, Arts Council England and the Northern Rock Foundation, among others.

DLF Limited : the Real Estate Giant

DLF Limited or DLF (Delhi Land and Finance) is the India's biggest real estate developer based in New Delhi, India. The DLF Group was founded by Raghuvendra Singh in 1946. DLF developed residential colonies in Delhi such as Krishna Nagar, South Extension, Greater Kailash, Kailash Colony and Hauz Khas. In 1957, with the passage of Delhi Development Act, the government assumed the control of real estate development activities in Delhi and the role of private real estate developers was restricted. As a result DLF began acquiring land at relatively low cost outside the area controlled by the Delhi Development Authority, particularly in the district of Gurgaon in the adjacent state of Haryana. In the mid-1970s, the company started developing DLF City project at Gurgaon. Its upcoming plans include hotels, infrastructure and special economic zones-related development projects.

The company is currently headed by Indian billionaire Kushal Pal Singh. Kushal Pal Singh, according to the Forbes listing of richest billionaires in 2009, now stands as the 98th richest man in the world and the world's richest property developer. The company's US$ 2 billion IPO in July, 2007 created India's biggest IPO in history. In July 2007, DLF announced its first quarter results ending 30 June 2007. The company reported a turnover of Rs. 3,120.98 Crore and PAT at Rs. 1,515.48 Crore.

DLF Signature

Recent History
Until the mid-1990s, most of DLF's (Delhi Land and Finance) operations were in Gurgaon and Delhi metropolitan area. However, with increased assets, DLF has been trying to ramp up its operations all over India. A major investment made by DLF was a INR 700 Crore (INR 7 billion) buyout of NTC Mill Land in Mumbai. Some of DLF's other development initiatives include a US$ 2.1 Billion investment in Tamil Nadu, a multi-billion dollar business park in Bangalore, a US$ 1.7 billion investment in Madhya Pradesh's real estate and infrastructure sector, and a INR 10 billion investment plan for developing special economic zones in Orissa.

Developments
DLF builds residential, office and retail properties.

DLF Office Complex at Gurgaon

Joint Ventures
Laing O'Rourke- UK based construction company credited with construction of Dubai International Airport, London's Millennium Tower, etc, will construct all DLF's landmark projects. Together DLF-Laing O' Rourke shall build the expressways, ports and other megastructures of India's new economy.

Nakheel of Dubai are partnering with DLF for developing townships in India.

WSP Group Plc is also partnering DLF, providing Management and consultancy to the built and natural environment.

Feedback ventures, is providing consultancy for faster project execution to DLF.

DLF has also tied up with Hilton Hotels to jointly develop hotels in India.

New Delhi Skyline

Sponsorship
DLF is currently sponsoring Indian Premier League (IPL), a Twenty20 format cricket league in India. DLF Group has paid US $40 million to be the title sponsor of the tournament for 5 years.



Criticism
DLF doesn't show pictures of a lot of its completed projects on its website. Which makes it difficult to see the quality of its construction. For example, its Royalton Towers in Gurgaon only shows a computer generated graphic. Even though the project has long been completed.


Basic Details

Type: Public
BSE: 532868
NSE: DLF
Industry: Real estate
Founded: As Raisina Cold Storage and Ice
16 March 1946
As Delhi Land and Finance
18 Sep 1946
by Chaudhury Raghuvendra Singh
Headquarters: New Delhi, India
Key people: Kushal Pal Singh (Chairman)
Products: Offices
Houses
Hotels
Golf courses
Revenue: ▼ $3.50 billion (FY 2009)
Net income: ▼ $1.97 billion (FY 2009)
Total assets: ▼ $9.87 billion (FY 2009)
Owner(s): KP Singh & family (78%)
Website: www.dlf.in

UAE Real Estate

The Trump Tulip Hotel in Dubai

The rental property andrental real estate market in Dubai, UAE is a rapidly expanding business. Investors can expect almost a 30% or more return on any property. Dubai is one of the few Arabian states open to the West in terms of culture and social integration and secure in terms of political and economic environments. The Dubai property market is growing and anyone who invests in the real estate of Dubai will see a rapid turnover in their investment.


The Grand Hyatt Hotel in Dubai

Dubai is especially attractive for people who are thinking of settling outside their home country in Europe, South Africa or South East Asia. The sunny weather, the exchange rate and the completely cosmopolitan nature of the state is something that is found in few other countries.

Tower City

Dubai is developing into a nation that is the epitome of globalization. Though a middle eastern country it lacks the formality, conventions and traditional flavors found in the Arab region. Dubai, has reinvented itself to suit the needs of all cultures and conventions. It is a commercial region where the real estate, the property and the investments are being created to cater to a universal regime.

Dubai, UAE is creating a real estate and property boom that will tickle the fantasy of most people. It is creating regions within its borders that are representative of the world. Whether you want to buy, sell orrent in the real estate of dubai the return rate is excellent.

Dubai's Pearl Towers

The open nature of the society in Dubai makes it a haven for people who want to retire, relocate their families in a more successful manner and/or are simply looking for a secure return on their money. Dubai is a lively place which has people of all religions, is open to various entertainment factions, has excellent education and healthcare facilities and is overall a place where living is dream.

Burj Al Arab Dubai - The World's Tallest tower

Some of the most popular Dubai rental real estate and property projects include:

* The Walk
* Jumeirah Beach Residence
* Business Bay
* The Executive Towers
* Vision Tower
* Bay Avenue
* The Villa

The Palm Islands

About Dubai is a site that offers information on the most popular and successful rental real estate and property projects being built and already completed in Dubai. All the projects are described and presented in a manner such that the information is useful to a person interested in settling or investing in Dubai. The Dubai rental real estate and property market is at the peak and the statistics show that there are more foreigners than natives in this cosmopolitan nation.

The Majestic Building, New York City

The Majestic is a housing cooperative located at 115 Central Park West between 71st Street and 72nd in New York City. The apartment building was constructed in 1930-1931 in the Art Deco style by real estate developed by Irwin S. Chanin. The building has 238 apartments in 29 stories. Like the San Remo cooperative three blocks north, it has two towers facing the Central Park.

The apartment building replaced the Hotel Majestic designed by Alfred Zucker in 1894. The steel framed building was originally planned as a 45 story hotel, but the plans where changed mid way in the construction due to the depression and the passing of the Multiple Dwelling Act.

The Majestic was home to some of the former heads of the Luciano crime family (later called the Genovese crime family) including Meyer Lansky, Lucky Luciano and Frank Costello. In 1957, Vincent "The Chin" Gigante shot Frank Costello in the lobby of the Majestic in a failed assassination attempt.^[2]

Louis "Lepke" Buchalter lived in apartment 17J in 1933. Buchalter was a founding member of the New York syndicate, along with Meyer Lansky and Lucky Luciano, and was head of its security arm, Murder, Inc.

Egg shaped National Grand Theater of China - an Architectural Marvel

After five years of construction, China's National Grand Theater undergoes its first test runs starting next Tuesday. The egg-shaped edifice is one of the most talked-about architectural projects in years. It's audacious and innovative design is by French architect Paul Andreu and the project itself has evolved on a grand scale.

Situated in the heart of the capital, the futurist theater emerges like an island at the center of a lake. Employing over 20,000 titanium panels and 12 hundred panes of laminated glass, the stunning exterior aesthetically portrays the opening of a giant curtain.

Entering the theater, audiences will pass through an 80-meter tunnel, looking up at shimmering water viewed through the transparent roof.

China Real Estate - Economic Aspects

Shortly after the new government was founded in 1949, almost all of China's private or individual-owned farms were collectivized into large communes. Private ownership of housing in the urban areas was nearly extinguished. In order to support the fast industrialization, the central government invested heavily in the 1960s and 1970s. A large share of the country's economic output was arranged and controlled by the government. It set production goals, controlled prices, and allocated resources throughout most of the economy. As a result, by 1978 nearly three-fourths of industrial production was manufactured by state-owned enterprises (SOEs) based on centrally planned output targets. Private enterprises and foreign invested firms were nearly non--existent. One of the central government's major goals was to make China's economy self-sufficient.

Foreign trade was generally limited to obtaining only those goods that could not be made or found in China. Only a handful of countries that had good relationship with China could participate in foreign trade. Though China's real GDP grew at an estimated average annual rate of about 5.3% from 1960 to 1978, the economy was almost inactive due to the huge population base and absent competition. In addition, the economy was inefficient since there were few profit incentives for enterprises and workers. Price and production controls also caused widespread distortions in China's economy.

In late 1970s, the government under the late Deng Xiaoping's leadership hoped that gradual opening-up the market and implementing economic reform

would significantly increase economic growth and raise Chinese people's living standards. Since then, the size of China's economy has grown more than tenfold.1 Between 1979 and 1999, China's GDP grew at an average annual rate of 9.7%.2 The real GDP total in 2000 has passed one trillion U.S. dollars ($8.8 trillion RMB) the first time in history. Two main attributing factors supporting much of China's rapid economic growth are: large-scale capital investment (financed by large domestic savings and foreign investment) and rapid productivity growth. Economic reforms led to higher efficiency in the economy, which boosted output and increased resources for additional investment in the economy. In addition, the private sector, consisting of semi-private township and village enterprises, and private companies and farmers should be credited for the speedy development of China's economy. The private enterprises acc

ount for 60% of China's GDP, up from nearly zero in 1979. At a meeting held in August 1999, the government leaders promised to make that figure 75% by 2002. Today, 177 million of China's working population (ages 18 to 60) works at a private, or partly private, company, versus 122 million in the state-owned industries.3 Based on the GDP PPP statistics, China's GDP has passed Japan's and China has already become the world's second largest economy after U.S.

Source: EDC Economics: Japan Economic Outlook, 2000

In spite of the fast development, the future growth will likely depend on the ability and willingness of the government to deal with many challenges it faces. Presently, nearly one third of China's industrial production comes from state-owned enterprises (SOEs), many of which lose money and need to be supported by the government through the banking system. The restructuring of traditional industries and the closing down or sales of money-losing SOEs have costed hundreds of thousands of workers losing their jobs. To keep the pace of current development, the government adopted a policy of maintaining political stability while continuing economic reforms.