Fancy a second home abroad? So do many Chinese
Lure of gaining residency in a foreign country is also prompting many to seek offshore property
When Beijing businessman Michael Gao thinks about buying a second home somewhere to get away from the heavy smog in the capital, his choices are neither the tropical resort island of Hainan nor the southwestern province of Yunnan, with its pleasant weather all year round.
He sets his sights on Barcelona, the second-biggest city in Spain, more than 8,000 kilometres away from Beijing.
"Can you imagine, Hainan's property prices are much more expensive than Spain's," Gao said. Prices in Sanya city, Hainan, have climbed to nearly 30,000 yuan (HK$37,500) per square metre, he said, while flats in one Barcelona project are going for €2,500 (HK$26,640) per square metre.
To buy a home in an overseas country has become the goal of an increasing number of people on the mainland.
At the Beijing Spring Real Estate Trade Fair last week, overseas projects dominated the exhibition halls. About 300 residential and commercial real estate projects from Canada, the United States, Australia, Europe and Southeast Asian countries were being promoted.
Chinese homebuyers are attracted not only by the better living conditions abroad but also the social welfare benefits, in addition to the potential investment value of a home and the convenience buying one offers as a way to obtain residency in a developed country.