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.
