There are no restrictions on foreigners buying in China, but it is important to arrange financing through a bank that has a base there.
John Wang of Colliers International in Beijing recommends, for example, the HSBC, which has worldwide branches.
He says that apartments in Beijing have a return of 8 to 10 per cent per year, before deductions like management fees and taxes -- the net return would be about 8 per cent.
It would be useful to have a direct personal contact with someone in China - not all agencies have English speakers, and many website addresses are not in English.
And remember that China is eight hours ahead of Irish time. Office hours in Beijing are from 9am to 5.30pm/6pm.
On The Market
SOHO stands for small home, small office, and are what would be described here as live/work units. They are one of the most popular places for young professionals.
There are two SOHO developments. Second-hand units in Jianwai SOHO range in size from two-bed units of 120-140 sq m (1,291-1,506 sq ft) costing from €183,0730-€213,585 (RMB2.04m-RMB2.38m) to three/four-bed units of 180-200 sq m (1,938-2,153 sq ft) costing from €274,609-€305,122 (RMB3m-RMB3.4m ). Rents could range from €1,248 to over €2,000 per month in SOHO units.
RICHMOND PARK
Four-phase development, right, of apartments and villas close to ring road and airport expressway. In expatriate area, with schools nearby. Sixty per cent of first 250 units sold to foreign investors. Prices start at around €161,550 (RMB1.9m) for a 180 sq m (1,937 sq ft) unit.
AGENTS: Colliers International: 00 86 8518 1633 chris.wang@colliers.com
FPD Savills: bchau@fpdsavills-bj.com
