China has a total land area of 9.6 million km2, making it the third largest Country in the World, with a wide variety of climates, landscapes and natural resources. The country has a population of 1.388 billion people, the Han being the largest of the 56 ethnic groups.
The economic success of the China has created a highly developed luxury property market. A good example is the classic high-class homes or “Hutong” in the Chaoyang and Xicheng districts of Beijing as well as the European-style villas with gardens in the Jing’an and Xuhui areas of Shanghai. Another example would be the exclusive duplex apartments in the residential towers of Hong Kong.
Real estate in China is developed and managed by public, private, and state-owned red chip enterprises. The real estate sector in China was growing so rapidly in the years leading up to the financial crisis. This resulted in government implementing a series of policies. These included raising the required down payment for some property purchases, and the five time interest rate increases in 2007 due to concerns of overheating. Immediately the financial crisis hit, the government eliminated and in some cases tightened these policies.
To boost growth, Beijing also launched a massive stimulus package. Interesting, much of the package aimed at flowing into the property market and driving prices upward. This resulted in investors increasingly looking abroad and thus causing an oversupply of real estate in 2014. The 2015 saw a low growth in the real estate market. Again, this forced the central government to easy prior measures to tighten interest rates, increase deposits and impose restrictions. At the beginning of 2016, government’s preoccupation aimed at increasing property purchases thus taking a series of measures. The measures were lowering taxes on home sales and limiting land sales for new development projects in addition to the third in a series of mortgage down payment reductions.
Life in China
With a GDP of 11,064.66 billion US dollars in 2015 representing a 17.85 of the world’s economy, China has the fastest growing economy in the world. This is attributed to China’s strong commercial relations with other countries. In the most recent years, China welcomes are a mammoth of businessmen and workers from abroad. The foreign elite tend to live in the large cities of Shanghai, Beijing and Hong Kong which are known for their skycrapers, numerous luxury properties and endless entertainment.
International community admires the the hospitality and kindness of the Chinese to foreigners. Many hospitals, prestigious hotels, banks and other amenities are exclusively aimed at the foreign community.
Shopping and Entertainment
A number of cities such as Beijing, Shanghai and Hong Kong never sleep with their shopping centres, nightclubs, restaurants and wine bars. Those looking for more tranquil surroundings should consider the smaller towns of Dalian, Suzhou, Xiamen and Sanya which offer more natural landscapes and a traditional lifestyle. These are ideal places to buy a beautiful luxury villa.
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