More expats buy apartments in Guangzhou

An increasing number of foreigners are buying houses in Guangzhou, abandoning their habit of living in hotels and rented apartments, the Guangzhou Daily reports.

Mr. Cai, a Singaporean, has been living in a rented apartment since going to Guangzhou four years ago. His employer pays him a 6,000-yuan (US$731) housing subsidy.

Recently Cai decided to buy an apartment. Housing prices in Guangzhou were not as high as Shanghai and Beijing, where housing prices had been rising rapidly. In the long run, buying an apartment in Guangzhou was much more economical then renting, said Cai.

Another reason was because of the high quality and good management of Guangzhou houses and the simple buying procedure.

A salesman with Lan Se Kang Yuan, a quality housing estate, said foreigners had bought 40 of the 750 apartments on sale. Buyers included citizens from Australia, Canada, and Japan.

Golden Bay, a high-end housing estate which used to be popular mainly among overseas Chinese, now has more buyers who are natives of Asian and European countries.

Housing estates in the planned new consulate area in Chigang in Haizhu District are especially popular among foreigners. Expatriates account for 30 percent of the buyers of the Guangzhou Central Park-view housing project, while Zhuiiang Dijing and Dijing Huayuan have also attracted many foreign buyers.

Like Guangzhou residents, foreigners are quite prudent when buying houses. They usually have translators and lawyers with them in negotiations.

Foreigners are more likely to buy houses in the same estates. After prices, environment and management of the apartments are their main concerns.

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