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Chinese homebuyers going to second-tier cities for property
Brief:Real-estate-industry officials say they expect Chinese to step up their buying in such second-tier markets as they grow more comfortable investing abroad.
Chinese property buyers are going beyond their traditional markets in London, New York and Hong Kong to seek out bargains from Edinburgh to Miami Beach.

Real-estate-industry officials say they expect Chinese to step up their buying in such second-tier markets as they grow more comfortable investing abroad.

"Obviously Chinese tourists have been in New York and San Francisco, but now you see them in Miami Beach," said Eddy Martinez, a real-estate agent in Miami.

So while Chinese buyers still flock to major cities, with their stable, transparent, and highly liquid markets—the better to store new wealth—their interest in second-tier cities is rising fast. And for China's rising middle class, the more-modest prices are a draw.

Historically, adventurous Chinese immigrants have gone everywhere in the world. This time will be no different. "Middle-class Chinese are now going to second-tier cities," said Thomas Lam, head of research for Greater China at Knight Frank. "These places offer higher growth opportunities because more people are doing that now."

Malaysia Hronicle
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