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China's Newer Commercial Space Withstands Quake

CHENGDU, CHINA-One pro credits the international building code for undamaged newer buildings. China's now seen in a new light, but it's too early to tell the full investment impact.

By Connie Gore | Updated on May 27, 2008

CHENGDU, CHINA-Amid the sorrow and recovery, the early forecast is many newer commercial buildings in the earthquake-ravaged provinces have sustained little or no damage from the May 12 quake and continued aftershocks rattling the rural region.

US-based developers, who have ventured into China and provinces like Chengdu, have been noticeably quiet about the state of their properties while they concentrate on providing financial aid and teams to the devastated areas. The May 12 quake, registering 7.9 on the Richter scale, has claimed 62,000 lives with 30,000 still missing and more than five million people left homeless.

To a large degree, the thousands of buildings and residences that crumbled were older structures and not newer ones being built to international building codes, according to Mark Karlan, president of Strategic Partners Asia for Los Angeles-based CB Richard Ellis Investors. In Dujiangyan for example, news reports say many residential buildings are cracked and now empty, but they didn’t topple.

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