Mainlanders become top buyers in new-build markets – Today’s China Real Estate Links | November 6, 2013

Here is a list of the day’s latest China real estate news collected from around the web:

• Mainlanders become top buyers in new-build markets

  CHINESE mainlanders are the most influential buyers in the world’s prime new-build markets, fuelled in part by a strong yuan as well as slowing domestic economy, global independent property consultancy Knight Frank said in a report released today.

  Buyers from the Chinese mainland are the top purchasers of new-build residential property in Sydney and Hong Kong and are active in both Kuala Lumpur and Bangkok, according to Knight Frank’s latest global development insight, which takes into account the buying habits of high net worth individuals around the world. Chinese mainlanders are followed by Singaporean and Russian investors, the report said.

• Apartment in Pudong Sells for RMB 150 Mil in New Price Record

  A Duplex at Tomson Riviera became the most costly apartment in Shanghai when it was sold for 150 million yuan (US$24.6 million) last week and set a record in the city for a single home.

  The 824-square-meter property in the heart of Little Lujiazui in the Pudong New Area was one of the 107 units sold last week across the city, whose average price cost more than 50,000 yuan per square meter, Shanghai Deovolente Realty Co said in a report released yesterday.

  “The price beat the city’s earlier record for a home which was set in August 2011 when a 850-square-meter villa in Pudong’s Dongjiao was sold for 135 million yuan,” said Lu Qilin, a Deovolente researcher.

• Chinese Buyers Losing Millions on Unlicensed Apartment Scams

  Here in New York, shady brokers have long been known to sell the same apartment to multiple gullible buyers. In China, however, real estate scammers have gone to the next level: Buyers are being “taken hostage” by developers who fail to mention that the apartments they’re selling are totally illegal.

  The South China Morning Post brings us the sad story of a Frenchman named Didier Boissiere, who paid more than a million dollars for a 600-square-foot Beijing penthouse replete with luxury amenities like a roof deck and fitness center. Recently, Boissiere tried to put the apartment on the market—only to find out that his apartment was built illegally by a developer who is now MIA. Because he can’t get a certificate of ownership for his illegal pad, he can’t sell it—he’s stuck.

• Wealthy Chinese buying up houses in Silicon Valley

  Silicon Valley is booming, and the Chinese are starting to cash in on the region’s housing craze.

  With tech stocks surging and IPOs sprouting up left and right, the area is in the midst of a real estate bonanza that’s attracting a wave of buyers from China.
  The average price of a home in Silicon Valley has surged more than 27 percent over the past two years, according to home purchase data from Santa Clara County.

This list is updated daily, so tune in again tomorrow for more up to date information.

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