Wealthy Chinese buy foreign homes
Strict policies introduced by the government to cool the rocketing real estate market in the capital have led many of the city’s richest residents to look overseas for their real estate investments.
At the 3 day 2010 Beijing Luxury Properties Showcase that ended on Sunday at the Ritz-Carlton Hotel, more than 4,000 wealthy people attended who were capable of each investing at least 10 million yuan (S$2 million) on foreign assets, according to the organiser.
Ashley Woo, the sales and marketing manager of the showcase, said the exhibition organisers invited 51 domestic and international real estate agencies that had businesses in more than 30 countries.
Projects being promoted during the event included ancient castles, modern apartments and ecologically important land in Canada as well as luxury villas in Thailand and real estate in large cities in the US and Japan.
The average visitor to the show was a 50-something who wanted to diversify their economic strength from domestic to overseas markets. Some wanted to purchase homes for their children studying abroad.
Joan Brothers, president and co-partner of Manhattan Global Properties, which was promoting four high-end apartment projects, said the Beijing market is very ‘exciting’. She said two clients she met at the exhibition plan to fly with her to the United State to see the properties.
Source: CHINA DAILY
