VANCOUVER (NEWS1130) – Vancouver is not alone in being rocked by real estate buyers from China. The explosive growth of the Chinese economy is fueling an international buying binge.
Chinese purchases of foreign homes totalled $39 billion US last year, according to Real Capital Analytics, from less than one-tenth of a billion just six years earlier.
Such investment is pushing up prices in Australia, the US, the UK and Hong Kong, according to Bloomberg reporter Bonnie Cao in New York, and they’re not necessarily billionaires. “A lot of them are actually professionals such as lawyers, doctors, engineers – not as in the old days.”
Beijing recently hosted its second foreign property and immigration expo in four months.
Australia proposes tougher rules for foreign buyers after home prices in Sydney rose 14% last year.