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Beijing property fair highlights overseas market
http://www.ecns.cn/business/2013/04-13/58665.shtml
Apr 13th 2013, 03:55
2013-04-13 12:55 CNTV Web Editor: yaolan
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The ongoing real estate fair in Beijing is the first property fair since the central government spelled out detailed regulatory curbs in March. With a lid on local housing, exhibitors are trying to attract Chinese investors to buy properties overseas. More than 200 booths are exhibiting overseas projects, up 30% from last year.
Properties in Motown, Detroit in the US is the most eye-catching. As real estate hits rock bottom in Detroit, Chinese investors are planning to hunt for bargains there.
At the Beijing Spring Real Estate Fair, more than a dozen properties in the US industrial city of Detroit are priced lower than 100 US dollars, with some extreme cases on offer for 1 US dollar.
Analysts say some Chinese investors are rushing to buy houses in Detroit because it is harder to invest in the Chinese property market under the government's tighter curbs.
But analysts warn home buyers to do their homework before going on an overseas shopping spree, in case there are debt disputes and heavy local taxes on the property. As a home buyer said, "The previous property owner may have owed huge property management fees for more than ten years or even 20 years."
But faced with tougher purchase curbs like 70% downpayment requirement for second homes in Beijing, even debt-laden Detroit homes may pique the interest of some Chinese investors.
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