Homebuyers turn to properties beyond major cities
Chinese homebuyers are casting their sights far beyond major cities in China. This year's Beijing International Property Expo is now seeing a major trend of housing projects in other provinces and overseas markets.
More than 140 exhibitors from over 30 countries are taking part in the four-day fair.
But this time, housing outside the capital steals the show.
Marketing stalls showing off residential properties in southwestern Yunnan Province received much attention from prospective buyers.
"Housing projects in Yunnan are a highlight of the exhibition. Tourism attractions there are expected to result in an appreciation of local property valuations," said Zheng Xiangdong, spokesperson, Beijing International Property Expo.
Unaffordable housing prices and strict home-purchase restrictions in China's major cities are prompting homebuyers to look farther afield.
The average price of flats in new residential projects in Beijing being marketed at the expo is above 70,000 yuan per square meter. But for Yunnan properties, it is no more than 10,000 yuan.
Last month, 16 Chinese cities imposed new measures to restrict home sales, while long-term measures also are being drawn up.
Properties in Asian and European countries that are part of the Belt and Road Initiative are also being marketed at the expo. Experts say the initiative will help raise awareness of homebuyers about investment opportunities in overseas market.
Editor: Eric Wang