REAL: A Path to Passion, Purpose, and Profits in Real Estate by Dave Crumby & Lani Rosales & Martin Streicher

Author:Dave Crumby & Lani Rosales & Martin Streicher [Crumby, Dave]
Language: eng
Format: mobi
Published: 2013-11-12T00:00:00+00:00

THE CHINA SYNDROME

Tina Mak

Broker, Coldwell Banker Westburn Realty

@tinamak

The fall of the Berlin Wall ushered in a period of profound global political transformation and economic liberalization. Previously closed economies joined the community of trading nations. This has created a new burgeoning middle class in developing countries. Nowhere has the positive and far reaching consequences of this new reality been more apparent than in China.

Powered by the Internet, the information society has transformed the global economy in ways we could not have previously imagined. Everything is now mobile: People travel freely between countries; data is open and shared at warp speed; trillions in various currencies are transferred instantaneously at the touch of a button. Borders and nationalities are less relevant than they ever have been. Technology has made our world a much smaller and tighter community. Globalization is not just a buzzword; it’s an ever-present reality.

The astounding potential of this economic reality still has not fully sunk in for most observers and policy makers. China is now the second largest economy on earth. That growth will continue at a robust pace.

As a region, Asia is a more substantial than at any other time in the history of civilization. Yet to many in the West, it remains a mystery. Some view China, for instance, with fear. Others view it as an immense opportunity to create wealth, prosperity, and bring people closer together.

The rise of a massive and growing middle class in China is an entirely new phenomena. We’ve seen the early impact. Armed with savings and disposable income, an increasing number of Chinese have entered the North American real estate market. Some families are looking for a safe-haven for their life savings, others seek a place to retire. As prosperity spreads and China’s economy grows, another 600 million people are striving to reach middle class status.

While this undoubtedly creates challenges for Chinese policy makers, it represents a tremendous opportunity for those of us in the real estate industry in North America’s West Coast. British Columbia, Washington, Oregon, and California are highly favored destinations for Chinese investors. The communities are livable, safe, accommodating, and welcoming. The weather is temperate— winters are neither too cold nor too hot. Relative to world markets, these locations offer tremendous value. And of course, the geography is among the most spectacular on the planet.

Canada has been a very attractive destination for overseas real estate buyers. The stability of the political and investment climate, relatively low prices, and the sheer beauty of the country has generated robust activity compared to other key markets.

Of those making Canada a preferred destination, investors from China and India have flocked to British Columbia and the greater Vancouver region. Over twenty-five per cent of residents in Greater Vancouver, Canada’s third largest metropolitan region after Toronto and Montreal, speak Chinese as a first language.

So far, the Chinese have not been a dominant player in all sectors of real estate; their investments have typically been focused within China itself. However, Chinese citizens have been investing in London, Singapore, Sydney, and New York.

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