After 70 years in business, along with some heavy consideration, British Columbia-based Macdonald Realty Group has decided to explore opening an office in China, according to a report from Inman News.
The primary reason for the move, reports Jonathan Cooper, alludes to the fact that interest from Chinese investors has been instrumental in shaping the Vancouver real estate market.
In the span of the past 30 years, the brokerage provided support for thousands of Asian investors who focused on the Vancouver area and across western Canada. In the 1980s and ’90s, the majority of the investor interest stemmed from Hong Kong and Taiwan. Only recently did residents of mainland China decide to jump on the real estate bandwagon.
Chinese buyers currently comprise approximately half of Vancouver's real estate market, particularly with transactions worth in excess of $3 million. However, the firm now finds that more Asian clients are not arbitrarily choosing Vancouver for their investment ventures.
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