Wednesday, July 14, 2010

China's latest export: home buyers - The Globe and Mail

China's latest export: home buyers - The Globe and Mail: "Steve Ladurantaye Real Estate Reporter
From Wednesday's Globe and Mail
Published on Tuesday, Jul. 13, 2010 8:06PM EDT

Last updated on Tuesday, Jul. 13, 2010 8:25PM EDT

Half a world away, a handful of Chinese citizens are feverishly planning a Canadian real-estate shopping excursion.
A farmer, an engineer, a furniture maker and a caterer are among the 30 hopeful investors who have paid $5,500 each to take a real estate tour of Toronto and Vancouver in August. This isn’t about tourism: Each of them expect to drop at least a half-million dollars on downtown condos during their 10-day visit.
While Chinese investors in Canada are nothing new, this delegation is thought by those in the industry to be one of the largest to travel in one group. The trip was put together by Ricky Zhang of TransAsia Investment Partners, a Chinese company that was created to help residents buy properties abroad, particularly in Canada.
He said it was difficult for investment groups to travel together before last December, because Canada and China didn’t have a deal that allowed large Chinese tours to Canada. But with a travel agreement now in place, he said interest has increased and Chinese investors are looking to spend heavily while abroad.
“With the rising risk of the bubble bursting in the Chinese real estate market, there is a demand for overseas real estate for diversification, safety and relatively high rental yield,” he said."