Chinese buyers boost Vancouver, London property markets

An increasing number of wealthy Chinese are buying property overseas on the expectation that domestic inflation will continue to rise, state media reported. Data released by real estate service provider Colliers International (COL.LON) shows that Chinese made up 29% of all homebuyers in the Vancouver property market at the end of the first quarter. Chinese buyers had also spent US$200 million through Colliers’ international property department in the last six months, often making purchases in Canada, the UK and Australia. This buying spree helped to push up the average price of a home in Greater Vancouver by 12% in 2010 and it is expected to increase 3% in 2011, according to the Canada Mortgage and Housing Corporation. In London, overseas nationals purchased 28% of all resale properties across prime London sites, according to research by Savills.