Chinese home-buying frenzy coming to a city near you

David Ley, a UBC geography professor, was quoted in a Bloomberg story on the Chinese home-buying spree.

The article reported that one challenge for Chinese investors is the $50,000 annual cap on individuals’ foreign-currency purchases. Reasons cited for the jump in purchasing may be due to a weakening yuan, increasing domestic housing costs and the need to secure offshore footholds.

“Where there’s a will, there’s a way,” said Ley who wrote a book on the flood of rich East Asian migrants in the 1980s and 1990s.

The story also appeared on MSN and the New Zealand Herald.