Smyth: Like Donald Trump’s New York, Vancouver’s real estate prices driven up by wealthy Chinese home buyers
A report from the B.C. company Macdonald Realty Ltd. said buyers from mainland China account for an amazing 70 per cent of the company’s sales of Vancouver homes priced over $3 million
It was interesting to hear Donald Trump, the billionaire real estate developer who wants to be president of the United States, talking about how many high-end New York properties he’s sold to buyers from China.
“They buy my apartments,” Trump told the usual rapturous crowd during a campaign speech last week.
“Fifty million. Forty million. Thirty million,” he boasted. “Fifteen million — they’re the cheap ones. I don’t have to worry about the rent, believe me.”
It’s often difficult to take The Donald seriously, but when it comes to the global power and reach of Chinese capital, his bragging rings true.
And now new indicators show Chinese millionaires are snapping up luxury properties in Vancouver with similar gusto.
A report from the B.C. company Macdonald Realty Ltd. said buyers from mainland China account for an amazing 70 per cent of the company’s sales of Vancouver homes priced over $3 million.
Full story here: http://www.theprovince.com/business/Smyth+Like+Donald+Trump+York+Vancouver+real+estate+prices+driven+wealthy+Chinese+home+buyers/11297199/story.html
