June 17, 2015

“My understanding is that so far, Chinese investors have preferred real estate because it has no reporting requirements whatsoever and is not really valued often.”

Vancouver Sun With Chinese officials floating the idea of removing the existing $50,000-a-year limit on how much Chinese currency an individual can take out of the country each year, Yang is looking forward to this having “some positive effect on the real estate market (here).” By Joanne Lee-Young

'“In the past, people who are capable have had to strive and find ways to wire money in legal ways — $50,000 is nothing if you want to buy real estate in Vancouver.”

'Yang was born and grew up in the northeastern Chinese city of Harbin before moving to Vancouver 20 years ago and studying criminology at Simon Fraser University. Six months ago she closed one of her larger recent sales, a 9,000-square-foot, six-bedroom house in Shaughnessy that went for $14.35 million. Most of the properties she sells are in the $2-million to $5-million range.

'“Based on my business, and the way I see it, is that (with the $50,000 restriction removed) buyers can be more relaxed about (planning) their purchases and do more. The market will be even more active.”'

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