Foreign properties attract eyes of wealthy Beijingers

By Shen Jingting (China Daily)
Updated: 2010-04-09 07:55

A salesman for an American property firm promotes his project at The Beijing Spring Real Estate Trade Fair on Thursday. [Zhang Jusheng / for China Daily]

Largest group of international homes on show at real estate fair

The Beijing elite is turning its gaze toward the overseas property markets, attracted by relatively cheap prices, permanent ownership and educational opportunities for its children.

Sixty international property projects were present at the Beijing Spring Real Estate Trade Fair, held inside the World Trade Center on Thursday.

This figure set the record as the largest group of overseas real estate projects to be present since the organizer started permitting foreign companies in 2008.

More than half the international projects are based in the US. And developers and property agents in Canada, Thailand and Caribbean countries have for the first time brought projects to Beijing.

"Our company set aside 80 luxury apartments for Beijing consumers. I am pretty sure they will sell out since many people here have the potential," Alfonso Hsu, senior manager of Concord Adex Inc, a real estate developer in Canada, told METRO.

Hsu said his project was called Concord CityPlace. It is a lake view complex not far from Toronto's landmark building - the CN Tower - and Rogers Center in the central business district.

"We have already attracted many Chinese buyers. Some of them have flown to Canada to buy apartments and some asked agencies to purchase on their behalf. This is the first time we have come to Beijing," said Hsu.

The apartments range from 60 to 140 sq m in space, with an average price of 50,000 yuan per sq m.

"Compared with luxury properties in Beijing's Central Business District, our rates are acceptable," Hsu added.

"In addition, people buy our apartments because of the great chance for education. Toronto University is close to our project and many Chinese students already live in our building."

Hsu said at least four Beijing customers have confirmed they will buy his homes and hundreds more have requested further information.

Song Xiaoli, a woman in her 40s, said she planned to spend between 3 and 5 million yuan on a house in the US.

"My favorite city is Los Angeles because I have many friends there. I can accept a price if it is similar to Beijing's. As far as I know, many US houses are even cheaper than those in Beijing," said Song.

Song said her sixth-grade son, who is obsessed with Avatar director James Cameron, would benefit from receiving higher education in the United States.

"I want to fulfill my son's dream of learning digital animation technology in the US. I might buy a villa but I want to see the place first, in person," she said.

Li Xiaosheng, 39, a Beijing artist who enjoys traveling the world, already owns a home in Singapore and another in Malaysia.

"Choosing between buying a two-bedroom house in Tongzhou and a penthouse in the US is easy," Li said.

"I don't like living in hotels so I buy houses in places I visit often. There is a Phuket project at the trade fair that has really caught my attention. If I buy it now, I can sell it three two five years later," he said.

Li said he would accept a price of roughly $500,000 for a Phuket property.

An average apartment in the Thai island is 20,000 yuan per sq m, and can stretch from 40 to 300 sq m.