ID :
191513
Tue, 06/28/2011 - 11:20
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Shortlink :
https://oananews.org//node/191513
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China's rich snap up overseas properties
HONG KONG, June 28 (Yonhap) -- An increasing number of rich Chinese are snapping up overseas properties, a report showed Tuesday, apparently driven by the Chinese government's tighter regulations on the domestic property market.
Colliers International, a real estate service provider, said the proportion of Chinese buyers in the property market in Vancouver, Canada, rose 4 percentage points from a year earlier to 29 percent in the first quarter of this year.
Fueled by the Chinese buying spree, the average home price in the Vancouver region rose 12 percent in 2010 and is expected to rise another 3 percent this year, the service provider said, citing the Canada Mortgage and Housing Corp.
The situation in London has been similar. In 2010, Chinese people purchased 28 percent of all resale properties across prime London sites and 54 percent by value in the central London area, it said.
According to the U.S. National Association of Realtors, Chinese nationals accounted for 9 percent of all foreign buyers of real estate in the U.S. last year. The figure doubled from 2007 and immediately follows that of Canadians, who made up 23 percent of all purchasers from overseas.
South Korea also witnessed an increase in Chinese purchases of local real estate, Colliers said.
In the first quarter of this year, the size of properties bought by Chinese people reached 165,600 square meters, twice the level a year earlier, with their collective value soaring to 74.9 billion won (US$69 million) from 15.6 billion won a year earlier.
According to statistics provided by the Seoul municipal government, Chinese held the third-largest amount of real estate in the South Korean capital with 86,984 square meters, or 2 percent of the total properties available in Seoul, after Americans and Japanese.
During the Labor Day holiday in May, some 150 investors from Shanghai flew to South Korea's southernmost Jeju island and bought 58 houses, worth about 183 million yuan ($28 million).
The increase in Chinese people's overseas property purchases comes amid Beijing's move to cool its real estate market. The State Council, China's cabinet, announced earlier this year a set of measures to cool property markets, including stricter down payment ratios and mortgage rates.
Municipal governments in Shanghai and Chongqing also launched the country's first property taxes in a bid to follow the State Council's instructions to bring down inflating housing prices.
In an aim to absorb the liquidity in the market, the central People's Bank of China raised the benchmark interest rate twice this year while increasing banks' required reserves six times in 2011.
ygkim@yna.co.kr
Colliers International, a real estate service provider, said the proportion of Chinese buyers in the property market in Vancouver, Canada, rose 4 percentage points from a year earlier to 29 percent in the first quarter of this year.
Fueled by the Chinese buying spree, the average home price in the Vancouver region rose 12 percent in 2010 and is expected to rise another 3 percent this year, the service provider said, citing the Canada Mortgage and Housing Corp.
The situation in London has been similar. In 2010, Chinese people purchased 28 percent of all resale properties across prime London sites and 54 percent by value in the central London area, it said.
According to the U.S. National Association of Realtors, Chinese nationals accounted for 9 percent of all foreign buyers of real estate in the U.S. last year. The figure doubled from 2007 and immediately follows that of Canadians, who made up 23 percent of all purchasers from overseas.
South Korea also witnessed an increase in Chinese purchases of local real estate, Colliers said.
In the first quarter of this year, the size of properties bought by Chinese people reached 165,600 square meters, twice the level a year earlier, with their collective value soaring to 74.9 billion won (US$69 million) from 15.6 billion won a year earlier.
According to statistics provided by the Seoul municipal government, Chinese held the third-largest amount of real estate in the South Korean capital with 86,984 square meters, or 2 percent of the total properties available in Seoul, after Americans and Japanese.
During the Labor Day holiday in May, some 150 investors from Shanghai flew to South Korea's southernmost Jeju island and bought 58 houses, worth about 183 million yuan ($28 million).
The increase in Chinese people's overseas property purchases comes amid Beijing's move to cool its real estate market. The State Council, China's cabinet, announced earlier this year a set of measures to cool property markets, including stricter down payment ratios and mortgage rates.
Municipal governments in Shanghai and Chongqing also launched the country's first property taxes in a bid to follow the State Council's instructions to bring down inflating housing prices.
In an aim to absorb the liquidity in the market, the central People's Bank of China raised the benchmark interest rate twice this year while increasing banks' required reserves six times in 2011.
ygkim@yna.co.kr
