Business

Overseas residents in Beijing are once again showing keen interest in home buys, industry experts said.

Hu Hanxiang, manager, Star River, a high-end residential project in Chaoyang District, told China Daily that they have just sold an apartment valued at around 10 million yuan to a Taiwan resident.

“The enquiries for new homes from foreigners has increased along with the rebound in the property market,” said Hu.

Hu Yuzhou, manager, Yuanyang Lavie, a project in Beijing’s central villa district, said property sales to Hong Kong and Taiwan residents have gone up recently.

Isler, an Italian working with a joint-venture company, is one of the foreigners keen on buying a new residence this year.

“I believe the second half would be a good opportunity to make a purchase,” he said. “Buying property could be quite rewarding in the long run as there are not too many uncertainties,” he said.

According to Beijing Property Transactions Management, 18,533 apartments, with a total floor space of more than 2.1 million sq m, was sold in Beijing in April, compared with 15,034 apartments of about 1.7 million sq m floor space in March.

Eric Chan, a Hong Kong resident working at a property firm in Beijing, also has a similar viewpoint. He has also been seeking suitable opportunities ever since Beijing relaxed its curbs on foreigners buying new homes.

“I’ve been thinking of buying a new house in Beijing ever since I moved to the capital three years ago. The relaxation of the curbs offers me a good chance,” he said.

Chan is quite satisfied with an apartment near Beijing’s Chaoyang Park, but he would not rush to make a purchase for the time being. “The layout is perfect, but the price is still a bit high,” he said.

Though the average unit price of the project has dropped to 28,000 yuan per sq m from over 30,000 yuan per sq m in the second half of 2007, Chan believes a reasonable price should be around 25,000 yuan per sq m.

(China Daily May 6, 2009)