JULY / AUGUST 2013 The world’s largest convention and exhibition centre, Guangzhou
overseas property as a means of preserving wealth. These needs are driven from a desire to travel more, perhaps migrate to new environment and invest in countries with a well-developed and secure fi nancial system.”
According to Jacky Li: “The majority are still looking for properties with residence permits. This year there were more developers from Portugal, come to sell their property along with the residence permit. Investment-only overseas properties are for the niche market but the demands are increasing.”
Garrett Kenny says: “The Chinese are buying for investment primarily and for the expected capital growth over the next few years. On the EB5 [‘investor visa’] front, this is an overlap of investment and education for the children.” Investment business has been boosted by the exchange rate slipping to nearly six yuan to the US dollar (from eight yuan ten years ago). Just as it dents the Chinese economy it also has a major infl uence on investment. Overseas investments have got cheaper. In New York City, a group of Chinese Investors including real estate tycoon Zhang Xin
has just paid US$1billion for a 40% stake in the General Motors building. In Canada’s prairies, Chinese immigrants have been buying up farms with vast tracts of land. Andrew Taylor, of Juwai, says: “Transactions we’ve seen recently include everything from a Versailles-style mansion, to a $200,000 home in a golf community.”
Other trends include Chinese buyers starting to look beyond the
The majority are looking for homes with residency
Tier 1 cities (London, New York, Miami…) towards secondary cities such as Manchester and Orlando. “Orlando is becoming more popular as the price is now great value and the news of the US property market recovery,” says Benjamin Locke. Garrett Kenny has seen great interest from Chinese buyers for a new 80-townhouse development in Orlando. Andrew Jackson agrees: “No, Chinese buyers aren’t just looking at the top international
cities like New York and London any more. Compiling data for our new report on top global destinations we discovered that Chinese buyers are looking in many more places than you read about in the news. Listing the top locations in each country, we had to stop at 118 destinations: there just wasn’t room for more in the report.” But you have to really sell the advantages of these places, says Eli McGeever: “While there are buyers in second tier cities, in many cases, there needs to be a strong value proposition to lure them away from the better known cities. The ability to clearly explain the value off ered by these other locations in terms that will appeal to the Chinese buyer is essential, market research and helping them to learn about the area/city will also improve results.”
Benjamin Locke says: “The European property market will still have a strong position in the market. However, ‘developing markets’ are a diffi cult sell as there is a perception that places like Brazil are dangerous.” He added that, since Chinese are used to the high rise and metropolises, they usually prefer urban centres, which is why you see so much Chinese interest in
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