At the same time, Swiss financial institution UBS is planning to start a fund that they expect will result in the injection of $1 billion into the Chinese property market. Although it has been nearly a decade since reports covering China's booming economy and high rate of growth began to flood all of the business news outlets, for many companies and investors, their faith in China's prospects has not diminished in the least.
Companies such as ISG Asia are committing an increasing amount of resources through their expansion projects deeper into mainland China's interior. A subsidiary of Interior Service Group plc, ISG Asia recently announced that it will be offering contracting and fit-out services as a stand alone company and without any local partners. This will be in conjunction with the company's current consultant business.
ISG Asia's country director Tim Threlkeld stated, "This is a milestone for ISG Asia and puts us on equal footing with mainland construction firms." He added, "We can now exclusively manage more contracts which will ultimately provide greater control over standards and price. It is another reason to extend our platform across mainland China." It was also announced that the capital of the Sichuan province, the city of Chengdu would be the location for one of their main offices. "There is enormous demand for quality construction services in cities like Chengdu and Chongqing, especially for high-end retail stores. We want to play a bigger role in the south-west and further capitalise on this trend."
While ISG Asia moves forward with their company plans, the Swiss bank UBS announced plans to create a fund which would earmark nearly $1 billion to go towards investments into Chinese property. Adding to the general consensus that the opportunities in China are not in short supply, this move by UBS is only one of many large-scale and well funded investment ventures announced recently. Even in the midst of the China government's efforts to curb growth and lower inflation, many domestic and foreign firms are pushing forward with their development plans within mainland China.
