Strong mainland interest in global real estate is boosting housing prices and house-hunting activities near and far.
And Vancouver has been the biggest gainer in this race for prime overseas housing over the past few years, as the Canadian city is among the favorites of Chinese big spenders.
“Chinese buyers have at least doubled or even tripled in the last five or six years,” said Vancouver realty agent Geoff Chiu. “The origin has shifted from Hong Kong in the 1990s to the mainland now.”
More than 70 percent of Chinese buyers are from the mainland, compared to less than 20 percent from Hong Kong or Taiwan, Chiu noted.
“Buyers from the mainland don’t hesitate to pay for the properties they want,” he explained, “and prices go up accordingly.”
Britain has also been touched by the trend. “Buyers of our properties are very diversified,” said Alasdair Nicholls, chief officer at British developer Native Land…
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Posted by: Tony Liaw from The Standard
Date: August 09, 2010