Chinese property market

July 30, 2008 | By Raymond Tan In Property |

The Chinese are sanguine about the potential of the Beijing property market. Many are riding the wave of Beijing’s red-hot real estate market and buying luxury items at their whims and fancys at a very young age too.

Tempted by the promise of rich rewards, many young adults are quitting their studies to instead become real estate agents.

‘The salary of engineers is fixed, but the growth potential in the real estate agent industry is much bigger,’ one new agent opined, adding that he planned to buy an Audi A6 worth around 500,000 yuan (S$99,600) within three years.

‘Many of our investor clients have two or three apartments … and a client I met last month holds more than 10.’

And like many analysts and industry observers, many are confident that the Chinese capital’s real estate market will not deflate following next month’s Beijing Olympics - as has been the case with some other Games host cities.

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