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Font Size bigmiddlelittleVantone Real Estate Starts to Offer High-End Houses in Taipei
18 Aug 2011

August 18, Beijing Vantone Real Estate Co. Ltd. (600246.SZ), the first mainland developer to build residential properties in Taiwan, has started to sell units at its Taipei-based luxury project.

Vantone Real Estate plans to sell 276 units at the project, targeting mainly high-end buyers from mainland China and overseas Chinese. The Beijing-based developer announced its first Taiwan project in June.

The project is being developed by Taipei Vantone International, a joint venture between Vantone Real Estate’s Vantone Capital Pte. Ltd. and its Taiwanese partner. Construction will start later this year and the first completed units are scheduled to be delivered to clients by 2014.

Land Ownership

A growing number of mainlanders are purchasing homes in Taiwan – more than 40 after 2008 compared with only 9 before that year, according to Cai Weimin, a Taiwan-based property expert.

“Permanent ownership speaks a lot to mainland buyers, and as policy changes are enabling more Chinese mainland visitors to Taiwan, I think more will come to the city [Taipei] to buy properties,” Cai told the 21st Century Business Herald.

Taiwan offers permanent ownership of land, while on the mainland land for residential purposes is in effect leased from the government for a period of up to 70 years.

“Taiwan’s property market has not yet washed off the impact of the 2008 global financial crisis, so I assume that more policies supporting investment in the [real estate] sector will be drawn up, and it’s just a matter of time before mainland companies are allowed to invest in our real estate,” Cai said.

A single unit at the project was sold to a buyer from Shanghai for RMB 5.82 million, or RMB 40,000 per square meter, via an internet auction on Aug. 13 -- a relative bargain compared with luxury home prices in mainland China.