World Property Channel has launched our Chinese language property news site to accommodate the property information needs of China's massive and yet under-served real estate market.
We now translate our residential, commercial and vacation property news into Spanish, Japanese and Arabic, as well as Chinese. The different language sites are easily accessible from the drop down menu on the top left side of every news page.
A key part of the WPC News strategy is to specifically address markets around the world and engage both international and domestic audiences with news and information that will help them make informed decisions. With that in mind, we will be adding more languages in the months ahead as we continue to execute our global strategy.
Expanding in China is an obvious choice-- China is the second biggest economy and one of the largest property markets in the world. The growth of China is widely covered, but that doesn't make the numbers any less impressive.
Even with the recent turmoil, some economic trends continue as strong as ever. More than 300 million people entered China's middle-class over the last two decades, many with the economic purchasing power to buy cars, travel and invest in real estate for the first time. Chinese consumption, largely driven by the middle class, will soon account for $6.2 trillion in spending, according to McKinsey & Co.
The number of high-net-worth individuals--defined as individuals with at least 10 million RMB (approximately $1.6 million) in investable assets--more than doubled from 2008 to 2012 to 700,000, with another 20 percent increase predicted this year, according to a study by Bain & Company and China Merchants Bank.
People forget that, in many ways, the Chinese property market is still in its infancy. And it continues to grow. Earlier this week, WPC News reported that sales have remained strong, despite a slowing economy and government attempts to cool the market.
With so many variables at play, the Chinese property market is one of the most exciting, vibrant economic markets in the world. WPC wants to play a key role in the market and the new Chinese language site is the next step in that process.
To review the new WPC News Chinese language property site, visit:
CNN recently focused on an interesting new phenomenon in Beijing-couples are getting divorced to buy more condos. The Chinese government recently started to enforce a 20 percent capital gains tax on any Chinese household for selling a second home.
Jobs data released today is welcome news for the U.S. housing sector. Jobs drive real estate markets and fears of a stalling economy based on prior month's disappointing job numbers has been weighing on the market.