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September 21, 2017

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China firm sells Taiwan property to mainlanders in cross-strait first

The first real estate development project undertaken by a mainland Chinese group has received warm responses from potential apartment buyers in large cities of Shanghai and Beijing.

The Beijing Vantone Real Estate group (北京萬通國際開發公司) teamed up with a constriction partner in Taiwan to launch a pre-construction sale for "Vantone Taipei 2011" — a collection of three high-rise holiday apartment buildings of 29 stories currently under construction on a hilltop of Xiaopingding in the Danshui district of New Taipei City.

When completed in three years, there will be 276 luxury apartments that are catered mainly to wealthy Chinese from major cities on the mainland.

The Vantone Group said a customer in Shanghai has agreed to purchase one apartment at a unit price of about NT$607,000 per ping to become the first Chinese buyer who snapped up real estate property via online auctions.

Vantone set the unit price for the 43.3-ping apartment at 3.86 million Chinese yuan, the buyer in Shanghai secured the deal with a winning bid of 5.815 million yuan — equivalent to NT$607,000 per ping (1 ping = 36 square feet).

The buyer said he likes the cultural and living environment in Taipei with a conviction that the property in Taiwan will help offset inflation over the years.

The project, which also has apartments with tourist-standard facilities for holidaymakers, is expect to attract many Chinese buyers because they can extend their stay in Taiwan to four months if they own properties on the island.

Realty investment in Taiwan also offers a new outlet for rich Chinese people who are prevented from making extensive investments in the real estate market in China under the central government's harsh control measures, including tightening mortgage loans.

Many Chinese are also seeking new investment vehicles as the stock markets remain bearish.

"Vantone Taipei 2011" meets the Chinese dreams of living in a place that offers sweeping views of both mountain sceneries and the ocean.

The project is handled mainly by Vantone International Development Co., Ltd., a wholly-owned subsidiary set up in Taiwan by Singapore-based Vantone Capital Pte. Ltd. of the Vantone Group.

Executives the company said as many as 80 potential customers have made in-depth inquiries about the project. Half of them are presently living in China with the rest from overseas Chinese around the world plus some inquiries from interested people in Taiwan.

To help more potential customers better understand the project and the Taipei environment, Vantone is arranging travel groups for Chinese investors to make onsite inspections of the construction site. The first group of potential buyers is expected to arrive in Taipei at the end of this month.

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