The Boston Globe reports Sunday on a trend of foreign investors snapping up Boston-area houses and condos, which while expensive, aren’t as pricy as those in cities like Beijing and offer the good schools and safe environment buyers are seeking.
Here’s your Wellesley angle:
Patty Chen, a Wellesley entrepreneur who runs a company to help Chinese investors find homes here, said she was involved in four deals during the spring that totaled more than $7 million. With real estate prices skyrocketing in many Chinese cities, homes in the Boston area are considered a bargain for those with money to spend, she said.
“They are very, very happy to buy houses here,’’ mostly for $1 million to $2 million, said Chen, who in 2007 launched her full-service company, America Asia Business Tour Group-Boston, which offers assistance with immigration visas and real estate transactions, as well as consultations on schools and neighborhoods.
“A house in Boston is cheaper than a house in Beijing,” Chen said. “Why (would) they stay there to compete with others?”