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Wealthy Chinese Go on a Global Property-Buying Spree
Brief:People in China with money are increasingly emigrating and buying property abroad.Chinese companies poured $7.7 billion into commercial and residential buildings overseas in the first three quarters of 2013.
People in China with money are increasingly emigrating and buying property abroad.Chinese companies poured $7.7 billion into commercial and residential buildings overseas in the first three quarters of 2013. That is 46 percent more than in all of 2012, according to the Wall Street Journal.

Tycoons

Hong Kong magnate Li Ka-shing has been dumping assets in China to buy more in Europe.

Chinese conglomerate Fosun International, owned by China’s richest man Guo Guangchang, announced on Oct. 18 the purchase of One Chase Manhattan Plaza in New York for US$725 million.

Chinese real estate developer Zhang Xin and Brazil’s Safra banking group bought a 40 percent stake in New York’s General Motors Building for about $1.4 billion in June.

Another Chinese commercial-property developer Dalian Wanda Group is investing $1 billion to build a luxury hotel in London.

In fact, one in three wealthy Chinese have investments abroad, according to a survey from China Merchants Bank and Bain & Company.
 
Australia

In Australia, 90 percent of the 435 applications for an AU$5 million ($4.74 million) minimum investment visa were taken up by Chinese nationals.

Total inflows of Chinese investment exceed $16 billion a year, according to Australia’s Foreign Investment Review Board.

The property market is booming in areas popular with Chinese home buyers in Melbourne and Sydney, major coastal cities in Australia.

The developer of the Highpoint project in the southern Sydney suburb of Hurstville, for example, sold 80 percent of the 320 apartments, almost entirely to Chinese buyers, within four hours on Oct. 12.

Portugal

In southwestern Europe’s Portugal, around 75 percent of the “golden visas” granted in the past year, which give the right to reside in the country in exchange for a minimum investment, were granted to Chinese, said Vítor Sereno, Portugal’s consul-general in Macao, at a presentation to potential investors on Oct. 10.

Elsa, a real estate agent in the Algarve, Portugal’s premier tourist destination, renowned for its beaches, told Epoch Times that she had sold properties to eight Chinese buyers in just a few months.

United States

In the United States, Chinese institutional investors have poured their money across the country: in New York, Los Angeles, San Francisco, Houston, Boston, and Seattle, said a Wall Street Journal report on Oct. 29.

More than half the homes sold to foreign buyers in California go to Chinese nationals, according to CNN Money. Chinese investors’ property hunting in San Francisco climbed 84 percent, month-over-month from July to August 2013, which is 456 percent than it was in January, according to the San Francisco Chronicle.

According to National Association of Realtors’ estimate, Chinese buyers will spend $8.2 billion on American houses this year.

Asia

Chinese money has also made its way into neighboring countries. Official data in South Korea show that Chinese had bought $1.25 billion in property in South Korea by March of 2013.
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