Buyers from mainland China closed a deal last week for Fox Island — 43-acres on the southern B.C. coast — for $2.5 million. Meanwhile, Fairmeade Farm, a 156-acre equestrian centre in Langley, sold for $5.5 million earlier this spring, real estate marketer Mark Lester told The Huffington Post B.C.
Chinese buyers also
purchased the Sechelt Golf and Country Club for an undisclosed price this year, and a Chinese travel company bought a commercial lot in downtown Nanaimo to build a $50-million hotel, reported Business In Vancouver.
"I personally believe that there's a maturity in the investment profile," said Lester, pointing out that offshore Chinese purchasers traditionally invest in residential properties in Vancouver's Lower Mainland.
"With this buyer, there's also lifestyle. And there's been a relaxation in the last 10 years of travel restrictions for Chinese nationals, so they can come and enjoy a piece of property."
The Fairmeade purchasers have plans to turn the equestrian centre into a commercial winery, said Lester, who is senior vice-president of Jones Lang LaSalle Real Estate. He also has clients looking at buying into the Lake Okanagan Resort.
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