According to the China based Global Times Property developments in Australia CanadaCyprus US, and South Korea make up a good percentage of the real estate on offer at Beijing’s 18th annual summer property fair.
Following state housing regulations issued May to cool the market, the focus this year will be on other parts of China and the world, rather than Beijing, organizers told Lifestyle.
Liu Siwei, who has helped put together the Beijing Four Seasons event, told Lifestyle that of the nearly 100 projects advertised for sale, about 80 percent are located outside of Beijing. "We have projects from over 20 regions and countries this time," She said. "They include Dandong, Hainan, Hebei, Shandong and other provinces in China. Projects abroad include countries like the US, Canada and Australia, as well as Cyprus and South Korea."
Liu claims the shift of focus is not due to the new housing regulations, instead pointing to a rise in consumerist investment in the property market. "As the standard of living in Beijing improves, we believe people need a better quality of life. Middle-class people need to purchase a second home for their retirement and vacation."
China’s housing market is not in a bubble and economic expansion and urbanization will support gains in property prices in the long term, UBS Global Asset Management and ING Real Estate Investment Management said.
The Chinese government has introduced measures to rein in record price gains, including a ban on loans for third-home purchases, higher mortgage rates and down-payment requirements for second homes. Real-estate prices jumped 12.4 percent across 70 cities in May, after a 12.8 percent surge in April that was the most since the data series began in 2005.
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