China’s rich snap up homes overseas
June 21st, 2011 - 4:18 pm ICT by IANSBeijing, June 21 (IANS) An increasing number of China’s rich are snapping up properties overseas, the China Daily said Tuesday.
This is being done in the expectation that domestic inflation will continue to rise after the consumer price index reached a 34-month high in May, it said.
It quoted Colliers International, a real estate service provider, as saying that the proportion of Chinese buyers in Vancouver’s property market was on the rise.
At the end of the first quarter this year, it increased to 29 percent of all home buyers.
In the past six months, Chinese spent 1.3 billion yuan ($200 million) through Colliers’ international property department, with Canada, Britain and Australia topping the buying list, the daily said.
Due to the financial push from China, the average price of a home in Greater Vancouver rose 12 percent in 2010. It is expected to go up another 3 percent this year.
Last year, overseas nationals purchased 28 percent of all resale properties across all prime London sites and 54 percent by value in the prime central London area, it said.
The biggest increase in global billionaires since 2007 has occurred in China and the Commonwealth of Independent States.
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Tags: beijing, billionaires, central london area, china daily, colliers international, commonwealth of independent states, consumer price index, domestic inflation, expectation, first quarter, greater vancouver, home buyers, june 21, london sites, overseas nationals, prime central, proportion, resale properties, service provider, yuan