CB Richard Group has doubled to $ 46 billion in the first nine months of 2010 as Aiming cushman & wakefield inc to expand its assets

Cushman & Wakefield Inc. aims to expand its asset management business as the demand for real estate investments in the Asia-Pacific region is accelerating.

"We have about $ 7 billion under management and to the right so we have plenty of room" for growth, President and CEO Glenn Rufrano said in an interview in Hong Kong.

CB Richard Ellis Group Inc world's largest commercial real estate brokerage in the amount of direct investment in the real estate market in Asia has doubled to $ 46 billion in the first nine months of 2010 and reach $ 60 billion million for the full year

"Right now we are growing the investment management business organically, slowly, and trying not to make any mistakes," said Rufrano, when we see an opportunity to grow rapidly, we will consider.

The New York-based company plans to hire 800 people worldwide over the next five years, Rufrano said, adding that most new hires will be in Asia and Australia, where Cushman & Wakefield aims to double the revenue contribution to the group of up to 15 percent during the period.

India, China

A "lot" of revenue growth in Asia come from India and China, said Cushman & Wakefield Asia CEO Sanjay Verma, adding that Hong Kong, Japan and Singapore are still some major business markets in region.

Rufrano was made by Cushman & Wakefield in March after stepping down as head of Centro Properties Group.

Office rents in Asian cities like Hong Kong and Singapore are recovering from the global credit crisis and financial services companies like Citigroup Inc. and HSBC Holdings Plc and resumed the expansion in the region. Citigroup is seeking to nearly triple its workforce in China up to 12,000 people over the next three years, the bank said in August.

Store rents in the region are also improving. Tokyo and Seoul have moved both in an annual survey by Cushman & Wakefield of the world's most expensive shop rents, published in September.