Wednesday, 11 June 2014

Myanmar investors wooed to buy Sichuan property

Singapore-based LUXE Real Estate has organised a promotional event in Yangon, convincing Myanmar investors to buy Chinese apartments worth US$150,000 each in Chengdu, Sichuan.

“Regarding our property construction in Chengdu, inquiries come from several countries. The reason we choose Myanmar is because of good ties and increasing trade (with China). We understand the country has large investment in Singapore, Hong Kong and Thailand, said Calvin Chao, a LUXE official.

He said Sichuan, located in the Northwest of China, was on the verge of property development boom and that real estate price would significantly increase for the next five years.

Regarding property ownership in China, he said Chinese laws allow foreign ownership some 10 years previously.

“The wealthy people may buy. This implies that investors would benefit because Chengdu is expected to develop further,” said an American at the event.

“Those flooded with ready funds will be able to invest easily. As Myanmar is in the transition period, property prices are rising. Foreign investors will be interested in Myanmar property. They want to make profit (windfall),” he added.

Critics said Myanmar and China were seen by the West as having volatile legal system. This might not yield confidence for buying property.

An observer of the property market said Myanmar business people often moved their wealth to other countries, however.

source: Eleven Myanmar
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