Mainland Chinese buy property in Taiwan
A mainland Chinese property developer has teamed up with a Taiwanese partner to launch pre-construction sale for Vantone Taipei, a collection of three high-rise holiday apartment buildings currently under construction on a hilltop outside Xiaopingding in the Danshui district of New Taipei City.
The project, which will comprise of 276 luxury apartments, has received warm responses from potential buyers in Shanghai and Beijing.
The developer, Beijing Vantone Real Estate Group, is selling units via online auctions and said a Shanghai buyer has become the first Chinese to purchase real estate via such a method, paying NT$607,000 (US$20,927) per ping (3.3sqm).
The project, which also has apartments dedicated for holidaymakers, is expected to attract many Chinese buyers because they can extend their stay in Taiwan to four months if they own property on the island.Vantone said as many as 80 potential customers have made inquiries about the project, half of them presently living in China with the rest from expatriate Chinese. The company has also received inquiries from people in Taiwan.
Realty investment in Taiwan offers an alternative outlet for rich Chinese who are prevented from making extensive investments in the real estate market under the central governments harsh cooling measures, including tightening mortgage loans.
Many Chinese are also seeking new investment vehicles as the stock market remains bearish.
To help more potential customers better understand the project and the Taipei environment, Vantone is arranging travel groups for Chinese investors to make onsite inspections of the construction site. The first group of potential buyers is expected to arrive in Taipei at the end of this month.