Economy

Markets

Industries

Insights

Reports

Events

Overseas residents prop up realty

By Hu Yuanyuan (China Daily)
Updated: 2009-05-06 08:11

Foreign visitors look at a miniature realty project at a real estate trade fair in Suzhou, Jiangsu province. [Zhu Zihan]

Overseas residents in Beijing are once again showing keen interest in home buys, industry experts said.

Hu Hanxiang, manager, Star River, a high-end residential project in Chaoyang District, told China Daily that they have just sold an apartment valued at around 10 million yuan to a Taiwan resident.

Related readings:  Housing rebound points to recovery  Special Report: Achievements lauded in intellectual property  Commercial property market continues to feel pinch from slowdown  Property investment continues

"The enquiries for new homes from foreigners has increased along with the rebound in the property market," said Hu.

Hu Yuzhou, manager, Yuanyang Lavie, a project in Beijing's central villa district, said property sales to Hong Kong and Taiwan residents have gone up recently.

Isler, an Italian working with a joint-venture company, is one of the foreigners keen on buying a new residence this year.

"I believe the second half would be a good opportunity to make a purchase," he said. "Buying property could be quite rewarding in the long run as there are not too many uncertainties," he said.

According to Beijing Property Transactions Management, 18,533 apartments, with a total floor space of more than 2.1 million sq m, was sold in Beijing in April, compared with 15,034 apartments of about 1.7 million sq m floor space in March.

Eric Chan, a Hong Kong resident working at a property firm in Beijing, also has a similar viewpoint. He has also been seeking suitable opportunities ever since Beijing relaxed its curbs on foreigners buying new homes.

"I've been thinking of buying a new house in Beijing ever since I moved to the capital three years ago. The relaxation of the curbs offers me a good chance," he said.

Chan is quite satisfied with an apartment near Beijing's Chaoyang Park, but he would not rush to make a purchase for the time being. "The layout is perfect, but the price is still a bit high," he said.

Though the average unit price of the project has dropped to 28,000 yuan per sq m from over 30,000 yuan per sq m in the second half of 2007, Chan believes a reasonable price should be around 25,000 yuan per sq m.