News

China’s top countries for second homes

Forbes spoke with Juwai.com on the top destinations for Chinese buyers (5 August 2013).

China accounted for 12% of international buyers of California real estate in March 2013, according to the National Realtors Association (NAR). Chinese buyers spent US$425,000 on average, considerably higher than the $214,000 average sales price on an American home as of June.… more

Li Ka-shing goes shopping in Europe as Hong Kong sales slump

Billionaire Li Ka-shing, Asia’s richest man and chairman of Cheung Kong (Holdings) Ltd and Hutchison Whampoa Ltd, is accelerating overseas investments as slowing property sales in Hong Kong depress profits, Bloomberg reports (2 August 2013).

Cheung Kong, the second-biggest developer in Hong Kong, reported a 13% decline in first-half profit, as home sales continue to be affected by government measures.… more

Australian foreign minister says Chinese buyers welcome

Australia’s Foreign Minister Bob Carr says Australia remains open to Chinese investment, The Australian reports (30 July 2013).

“Chinese investment has become more prominent in recent years and for the hundreds of investment proposals there has not been one knocked back,” Carr said in a speech to the Asia Society in Hong Kong.… more

How Asian buyers are boosting Vancouver’s luxury housing market

The first Canadian conference of the Asian Real Estate Association of America in Vancouver caused quite a buzz, The Globe and Mail reports (26 July 2013).

The main group that is feeding this year’s 70% jump in sales of homes over C$4 million in Greater Vancouver are second-generation Chinese or immigrants who have established themselves there, according to Chinese-language newspaper Ming Pao.… more

Chinese Weibo users are salivating over Detroit’s bankruptcy

Since Detroit declared bankruptcy on 18 July, Sina Weibo (China’s equivalent of Twitter) has been abuzz with discussion about snapping up Detroit housing at bargain prices, Quartz reports (25 July 2013).

Caroline Chen, a real estate broker in Troy, Michigan, says she has received “tons of calls” from people in mainland China: “I have people calling and saying, ‘I’m serious—I wanna buy 100, 200 properties,’” noting that her colleague recently sold 30 properties to a Chinese buyer.… more

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