Thirty Chinese citizens are taking a $5,500 real-estate tour of Toronto and vancouver in August in hopes that they will spend at least half a million dollars on downtown condos during the 10-day visit.
Thirty Chinese citizens are taking a $5,500 real-estate tour of Toronto and vancouver in August in hopes that they will spend at least half a million dollars on downtown condos during the 10-day visit.
The trip has been designed by Ricky Zhang of TransAsia Investment Partners, a Chinese company created to help residents buy properties abroard, particularly in Canada, as reported by The Globe and Mail.
"With the rising risk of the bubble bursting in the Chinese real estate market, there is a demand for overseas real estate for diversification, safety and relatively high rental yield," said Zhang.
Zhang intentionally set the tour price high to ensure investors are serious. "They stay in four-star hotels, eat $30 meals," he said. "I am not sure if this a really high standard in Canada, but in China it is only affordable by the upper class."
The potential Chinese buyers include a farmer, an engineer, a furniture maker and a caterer.
