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More Chinese buy Canadian property: Colliers

Tags: China

Chinese mainlanders account for 20-40 percent of foreign property investors to date in Vancouver, Toronto, London and Singapore, a new report from real estate consultants Colliers International said on Tuesday.

The report, based on public data and transactions completed by Colliers -- the world's third-largest real estate organization -- said Chinese investors currently own nearly 30 percent of Singapore's private residences.

In central London, mainland Chinese and Hong Kong investors have bought 20 percent of the newly-built properties up to the end of 2011.

Colliers predicted that mainland Chinese demand will push up the property prices in core areas of central London and traditional high-end residential districts by five to ten percent in 2012.

A growing number of Chinese citizens are buying overseas property because it is more difficult to buy at home due to a campaign to curb real estate speculation by preventing multiple home purchases.

There is also an emerging trend of younger Chinese buyers purchasing bigger apartments or luxury properties in Canada, rather than those with one bedroom or two, the report said. CTV Two CTV News CTV News Channel BNN - Business News Network CP24