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Chinese property buyers targeted

It appears that Chinese property buyers are now being targeted by nefarious elements involved in the Cyprus property industry now that British buyers have finally wised-up to the scams.

Chinese property buyers targeted at overseas property exhibitions

Beijing International Property Expo/Autumn – photo: http://www.beijingexhibition.com/

CHINESE property buyers are now experiencing some of the scams previously inflicted on British citizens buying property in Cyprus, which led to British buyers turning their backs on the island.

Writing in today’s Cyprus Mail, Antonis Loizou reports that some Chinese have appeared with placards at property exhibitions in China objecting to Cyprus.

He cautions that “one must be careful with the Chinese visa agents who also operate as estate agents, supported regrettably by various local advocates. The average commission required by these agents is 20% on the sales price, a large amount, but it seems that so far they are getting away with it. Such high commissions are not illegal, but are they honest?”

Mr Loizou reports that it’s been estimated that 500 units with a value of €1.5 billion have been sold to Chinese property investors – and that two hotels are being developed in Larnaca by a joint venture with Chinese investors and a five-star hotel in Sotira is being built with Chinese involvement.

He recalls that a Chinese buyer bought an apartment in Larnaca for €300,000, including the ‘ordinary’ 5% commission, while a neighbour purchased a similar apartment for €230,000; he understands that the case will lead to court.

Mr Loizou recounted the sales procedure experienced by a Chinese couple who were approached by a visa agent at a property exhibition offering inspection trips to a number of countries, including Cyprus  (which bears many similarities to an article I wrote 8 years ago “Gullibles travels in Cyprus: The overseas property exhibition” cautioning potential British buyers.)

During their three day inspection visit to Cyprus, their schedule was so packed they were given no opportunity to look around the wider area.

On the third day they were taken to a lawyer’s office by the developer and signed the contract and listened to their lawyer’s positive comments on their purchase.

While staying in the apartment they purchased 3 months later, they were told by neighbours/locals about the lack of Title Deeds, the 20% commission, etc.

Given their experience, it isn’t surprising to hear that placard waving Chinese have appeared at property exhibitions in China objecting to Cyprus. Maybe they’ll establish a Chinese branch of the Cyprus Property Action Group!

Readers' comments

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  • Jeremy Rigg says:

    Having spent some considerable time in China I would like to point out to anyone looking to “daub” a Chinese citizen that they consider retribution and revenge a dish best eaten cold.

  • Mike says:

    I would have thought the Chinese would have been a cut above previous sufferers and wise to the scams, apparently not. I wonder if greed is the driving force or do people just assume honesty, honour and integrity are common throughout the world as by all reports it is clearly lacking on all levels here. Such a shame as we have all the means to make this a heaven on earth if it were not for our scammers.

    Ed: I understand that the Internet is heavily censored in China and the Chinese may be unable to read the many reports about the potential problems when buying property in Cyprus.

  • pils says:

    Next suckers please Cyprus is waiting for your hard earned money.

  • Martyn says:

    Deanna
    You a spot on, totally agree let’s hope the Chinese take them to court don’t suspect they will take the scams lightly.
    When will the Cypriot government learn, when there’s no more people left to scam?
    Martyn

  • Deanna says:

    The Chinese will learn – as a lot of us have done – the hard way. Then that will be another market Cyprus loses…

  • CostasApacket says:

    What a surprise.(Not)

    Perhaps a better Chinese version of CPAG could be TPAG which would maybe be more effective in exacting some form of long overdue retribution in Cyprus.T=Triad.

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