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China enters new luxury market era

If you want to get some idea just how important China has become as a luxury consumer market you don’t have to go further than the recent Beijing auto show.

What started out as a low-key event in 1990 has grown into the biggest and most important stage for the world’s auto makers, especially those at the luxury end where models are tailored to China’s affluent.

Wander the streets of Beijing and Shanghai and you are sure to see BMWs, Mercedes-Benzes,Porsches, and Ferraris – just about any top-end auto brand that comes to mind.

By 2020, China is expected to be the world’s biggest luxury auto market, according to Dan Ammann, president of United States auto giant General Motors, who shares this view with many of his competitors in North America andEurope.

 

The explosive growth of China’s emerging middle class has brought with it sweeping economic change and social transformation and will continue to do so, says global consulting firm McKinsey & Co. By 2022, more than 75 percent of China’s urban consumers will be earning 60,000 yuan ($9,600) a year.

McKinsey says that in terms of purchasing power, that is between the average income of Brazil and Italy.

In 2000, just 4 percent of urban Chinese households were within that range.

Analysts say the middle class and upper middle class will be the principal engines of consumer spending in the decade ahead.

More than a third of the money spent around the world on high-end bags, shoes, watches, jewelry and ready-to-wear clothing now comes from Chinese consumers either domestically or abroad when they travel.

Within the next year, Chinese tourists could be spending as much as $194 billion annually inEurope, the US, Asia and other vacation spots, according to Morgan Stanley in a research note on luxury companies.

Chinese travelers are already the world’s biggest spenders, according to the United Nations World Tourism Organization.

The UN group says that by next year the number of Chinese travelling abroad will exceed 100 million, although some analysts say that may happen this year.

Earlier this year, The Economist said: “How much China spends is striking. Even more so is the way it spends”.

海外置业不断升温 投资前别忘注意五大问题

境外楼盘凭借普遍下跌的房价、优美宜人的居住环境、高投资的回报、海外移民的诱惑等因素迅速成为国内购房者的新宠。不过,海外置业目前仍是具有高额购买力和投资倾向的消费者的选择,仍属于刚刚兴起的现象。

  据记者了解,在丰厚回报的“利诱下”,海外置业正不断升温。据一份公开报告显示,近年来,我国个人境外资产增长迅速,2008年至2010年,年均复合增长率达100%。而预计未来10年内,我国投资者的海外投资总额有望达到2万亿美元。

  那么作为初次接触海外置业的天津市民而言,应该注意什么呢?记者在展会现场采访了相关负责人。

海外置业不断升温 投资前别忘注意五大问题

  土地所有权

  据了解,国外购房与国内购房间的最大区别是在土地所有权问题上。在我国,土地只能转让使用权,而所有权归国家所有,使用权最长年限为70年。海 外很多国家土地都为私有制,一般来说海外购置的房产都为个人永久产权,基本无年限限制,也有极个别地区的房地有产权年限,但年限也都为90年以上。例如, 有一些物业仅拥有有产权年限的土地租赁权,在泰国的房产土地使用年限是90年,到期之后须归还给政府。

  因此,投资海外房产时,房产的质量好坏也许并不是最重要的,房产所占土地的升值前景和投资价值才是更关键的问题。

海外置业不断升温 投资前别忘注意五大问题

  房价走势

  在购置海外房产前,一定要对当地的房价走势作一次全面的了解,只有选择处于上升期的房产才会获得理想的回报。在投资海外房产前,当然不能完全听 信一些代理公司的一面之词,其中难免有失偏颇甚至存在夸大隐瞒现象,投资者一定要提前做好准备工作,要对即将选择投资地区的人文环境、社会动态、相关政策 以及经济发展状况作一次全面的了解。

  据介绍,投资吉隆坡房产来说,它是马来西亚的首都,整个马来西亚有30%人口是华裔,会说普通话、广州话、福建话的内地人都可以在吉隆坡正常生 活,与国内文化差异不大,并且马来西亚的物价和消费水平普遍低于国内一、二线城市。此外,当地购房总税收大概为总房款的2%,而吉隆坡的房价长速基本为每 年同比增长5%,如果您将所购置房产作为出租投资,出租市场的价格长速也大致为6%到7%,可以说收益非常可观。

  另外投资者还需了解当地的市场现在是处于怎样的周期,按照内地的房产投资模式,选择好的地段便能获得不错的回报,但是海外的房地产市场发展具有 着自己的周期性,如果进入下跌周期,即使是投资顶级地段,也难保投资成功,因此选择房产的周期,选择在哪一个时间点进入这个市场,也是很关键的问题。

海外置业不断升温 投资前别忘注意五大问题

  汇率风险

  这是目前多数海外置业者最看重的问题。房产贷款的期限一般都比较长,其间利率的升降对买房者会造成较大的影响,因此最好是选择货币汇率相对稳定的国家进行投资。

海外置业不断升温 投资前别忘注意五大问题

  管理费用

  许多国家在房产管理方面有严格的规定,比如澳大利亚墨尔本市规定,自家门前的垃圾或者积雪等必须由业主自行清理,如超时未作清理,则由市政部门代劳,但业主要支付相应的费用。而如果这些费用未及时支付,就会给自己招来更大的麻烦,甚至会影响到个人的信用记录。

海外置业不断升温 投资前别忘注意五大问题

  税费

  海外置业者投资前必须要对房产交易时产生的税费清晰地掌握,衡量税费成本是否可以承担,对将来的居住或收益有无影响。海外与房产有关的税赋主要 有契税、土地税、印花税以及增值税,其中需要说明的是,契税只是部分国家征收,如泰国、马来西亚等国家,征收标准为房价的1.5%左右。欧美国家主要征收 土地税,这种税赋是每年征收一次。

  当然,也有部分地区是没有税收或者税收极低的,比如此次房交会展示的开曼群岛就是世界的“避税天堂”之一,当地的各项税收都远低于其他国家或地区,甚至有些税收几乎为零,比如当地无房产税、无资本利得税,在房地产投资方面,租金收入或股息收入也没有收入所得税。

  此外,出售房产时也会产生相关税费,主要征收的是增值税,如澳洲最高会按增值部分的45%来征收,因此建议投资者要学会合理避税。比如在澳洲购房贷款所产生的利息、装修翻新费用、赴澳考察房产的费用、律师代理费、验房费等等,都可以用来抵税。

  业内人士提醒海外置业者,一定要在充分调查和考量之后再作投资,特别要注意开发商的品牌和实力、房产的地理位置、项目配套程度以及当地文化背景 等各方面因素。在购房过程中,最好聘请专业的中介机构和律师。普通购房者对投资地的贷款政策很难吃透,因此聘请专业机构和人士可以增强交易的安全性。同时 还要做好对东西方文化差异的理解和心里准备,另外,选择哪种适合自己投资的管理物业也都是投资者需要仔细考虑并详细了解的问题。

  最后,政治风险也是需要海外置业者充分注意的:两国关系如何,该国对华政策怎样,这些都是置业前必须摸清的家底。

海外地产投资井喷 全球资产配置催生移民新潮 – 夏威夷房地产 夏威夷旅游 夏威夷买房

2013年12月16日,美国驻华大使馆内高朋满座,SOHO中国联席总裁张欣在为来宾讲述其购入美国曼哈顿通用大厦的投资经验。这场由前美国驻华 大使骆家辉牵线组织的房地产论坛,吸引了包括华远地产(600743,股吧)董事长任志强、鑫苑置业主席及首席执行官张勇等在内的一百多位企业家和名人。 其目的就是让更多的中国企业家或私人资本到美国投资地产项目。

  尽管海外置业被众多投资家视为“金矿”,但在讲述过程中,张欣总会将“风险”挂在嘴边。2013年5月和12月,张欣以个人名义分别斥资7亿美元和2600万美元,购入曼哈顿通用大厦40%的股权和一栋联排别墅。

  而到过美国的华人都有所了解,曼哈顿岛是纽约的核心区域,这里也是纽约房价最高的区域之一。能在曼哈顿置业的华人都称得上顶级富豪,张欣的两笔投资也价格不菲。对于普通投资者来说,他们更容易被价格便宜的美国其他区域以及部分欧洲市场所吸引。

  《投资时报》注意到,由于投资门槛低、教育体系先进、环境优美宜人,欧洲房地产市场已成为中国买家心目中的价值洼地。我们认为,一场以80后为主体的欧洲购房移民潮已经到来。

  海外地产投资同比大幅上涨

  2013年期间,中国海外房地产投资继续大幅增长。

  截至2013年第三季度末,中国海外房地产投资同比上涨25%。根据仲量联行公布的数据显示,2013年迄今为止,中国海外房地产交易额已突破 50亿美元,刷新了2012年全年40亿美元的历史最高纪录。与中国国内房地产投资市场的17%季度环比增长相比,海外投资的大幅增长令人瞩目。

  中国房地产机构投资者和个人投资者海外投资的目的地总体仍然保持不变,表现最为活跃的市场为欧洲、美国、澳大利亚、新加坡和中国香港。其中,机构投资者在欧洲的交易额自2012年以来持续增长,2013年第三季度末已接近20亿美元,同比上涨25%。

  同时,截至2013年三季度末,中国境外投资者在澳大利亚商业房地产市场的交易额接近5亿美元,较上一年同期上涨近一倍。

  在个人海外房地产投资方面,世邦魏理仕《2013中国资本进军海外房地产投资》报告显示,在美国购置私人住宅的海外投资者中,中国个体投资人所占的比例从2007年的5%上升到2012年的11%,投资总金额约为90.8亿美元,成为仅次于加拿大的第二大投资群体。

  而据香港中原统计,在香港一手住宅交易市场,2011年三季度内地个人投资额曾一度占到当期交易金额的51%,随后也一直稳定在35%左右。直 至2012年下半年香港政府提高额外印花税及实施买家印花税,内地投资者数目才开始显著下降。但即使如此,在2012年香港全年私人住宅整体(包括一手及 二手)成交中来自内地的个人买家仍然占到17%。

  仲量联行全球资本市场部研究总监David Green-Morgan指出:“过去三年间,欧洲地区一直是中国投资者最先关注的地区,其中大部分的房地产交易是在英国达成的。2013年,这种趋势得 以持续,但交易地范围有所扩大,已遍及整个欧洲大陆,同时投资者对南欧和地区的投资兴趣也有所增加。但是,英国仍是整个欧洲地区最受投资者青睐的市场,那 些寻求高收益率的投资者仍重点关注伦敦中心地区的办公楼和住宅资产。”

买房移民进入“欧洲时代”

  与中国投资者青睐去欧洲置业相契合,很多欧洲国家的房地产开发商也将目光盯住中国,并且将卖房与移民绑定,利用各种优惠条件吸引更多的投资者。

  2013年9月北京(楼盘)秋季房展会上,出现了很多海外参展商的身影,30万欧元买房送塞浦路斯户口,25万欧元获希腊居留身份,50万欧元移民葡萄牙,65万欧元得马耳他国籍等字样的横幅广告随处可见,并吸引了大批买家驻足观问。

  受欧债危机影响,如今许多欧洲国家为争抢客源纷纷推出购房移民政策,一时间,国内投资移民热点似乎进入“欧洲时代”。

  英国一位房产经纪在接受当地媒体采访时说:“5年前我手头上的客人95%是工作在伦敦的企业高管,如今75%是中国投资者。”

  以往,中国人都喜欢在美国、加拿大买房,不过上述国家并没有提供购房送居留的政策。相比传统移民国家对新移民的严苛要求,欧洲移民政策则宽松许多。

  在外部因素上,人民币升值、欧洲市场的复苏等都对海外投资者带来强烈的利好刺激。

  在内部环境上,目前国内房地产市场受限购政策影响,房价上涨较快的一线城市出现了“有购房需求、无购房资格”的情况,同时人民币升值使得手中有沉淀资金的人们希望通过海外置业来实现资产的保值增值。

  除了生活环境之外,教育也是不少家长置业欧洲的一大考虑。如今欧洲各国逐步放开移民政策,相当于放开了欧洲的优质教育资源供中国学生享用。近年来超过80%的申请人将子女教育作为最直接的移民原因。

  目前,欧洲各国推出的购房移民政策在投资金额、工作限制、签证、子女教育福利和居留权等方面的细则条件各有不同。如希腊“买房赠居留”的政策主 要适合三类人:第一类是在国内生活条件较好且已退休的人,在这里购买房产后,他们可长期住在希腊安度晚年;第二类是有学龄子女的人,通过购房获得希腊居留 权后,子女在整个欧盟范围内可享受欧盟居民在教育方面的优惠政策;第三类是经商的人,希腊的投资移民政策虽然规定不能在希腊工作,但它并不禁止与当地人合 办公司经商。而且,通过买房获得的居留权使购房者享有来往整个申根区的便利。

  有鉴于此,涉外法律专家特别提醒,进行海外置业投资时,除去汇率风险外,永久居住权的概念、养房的成本、房产的产权和债务问题也需要厘清。

  80后引领新移民潮

  《投资时报》预计,“80后”购房移民在2014年将愈加突显,并将领跑第四次移民热潮。

  中国第一次移民潮是以劳工为主体,第二次是以技术人员为主体,第三次是以投资移民为主。这三次移民潮的驱动力主要是为了获得身份。

  而现在开始的第四次移民潮以投资和生活为主、获得身份为辅。这一潮流的出现是以全球化为基础的,移民主体的思维模式趋于全球化,他们不一定要获得移民身份,但普遍有着较高学历和国际化的视野。

  业内专家预计,2013年只是欧洲购房移民的“试水期”,随着越来越多的投资者参与进来,2014年将进入井喷期。

来源: 投资时报

Brilliant Space Hawaii 柏瑞安夏威夷房地产: Welcome 欢迎您

夏威夷檀香山房地产 – 从咨询、搜寻、看房、购房到物业管理,柏瑞安夏威夷置业服务团队针对夏威夷房地产市场,为客户提供量身定制的一站式夏威夷物业购置服务,以及各类增值服务包括旅程统筹、语言文化咨询、私人包机等。立即联系我们,购置您的夏威夷梦想之家!

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We’re not overseas Real Estate Agents, we are property and lifestyle consultants managing the project with you, on your behalf.

Brilliant Space Hawaii (BSH) provides personalized International Concierge Services within the real estate markets of Honolulu Hawaii, USA. When investing in overseas property there are many different aspects that need to be considered such as, how to finance your purchase, how to protect yourself against currency fluctuations, what is the best taxation vehicle and how to maximize rental returns.
In response we have designed a comprehensive range of services and have partnered with some of the best professionals in their industries, who are experienced in dealing with the global property investor.

马克•吐温说,夏威夷是大洋中最美的岛屿,是停泊在海洋中最可爱的岛屿舰队。依山傍海、永久保值的夏威夷房地产正逐渐成为中国投资人的关注点。
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Hawaii Real Estate Paradise Returns With Goldman Loan

Hawaii, buffeted in the aftermath of the U.S. recession and Japan’s tsunami, is benefiting from a travel rebound that’s sent tourism revenue to a record and spurred real estate investments across the islands.

Goldman Sachs Group Inc. (GS) last month announced a $1.85 billion loan for a once-distressed hotel portfolio that has five Hawaiian properties, including the Sheraton Waikiki and the Westin Moana Surfrider in Honolulu. Companies from Walt Disney Co. to Starwood Hotels & Resorts Worldwide Inc. (HOT) are expanding resorts. On the Big Island, the first new residential development in at least five years is starting construction.

Property investors and lenders are seeking to take advantage of increased demand from affluent Asian travelers and visitors from Northern California enriched by the technology- industry boom, according to Honolulu-based Hospitality Advisors LLC, an industry consulting firm. Oahu, which attracts the most visitors of Hawaii’s eight major islands, has the highest hotel occupancy among the top 25 U.S. markets, research firm STR said.

“What’s driving Hawaii now, particularly Oahu, is the resurgence of the Japanese market — there was a lot of pent-up demand after the tsunami — and substantial growth in Chinese and Korean numbers because of the increase in wealth in those regions,” said Joseph Toy, president of Hospitality Advisors.

Lodging and tourist-industry revenue, including room rentals and food and retail sales, rose 15 percent to a record $3.62 billion this year through Sept. 30, according to Hospitality Advisors. That compared with a low of $2.59 billion in the first nine months of 2009, when the U.S. was in a recession after the credit crisis.

Japan Tsunami

Travel was also reduced by the March 2011 Japanese earthquake and tsunami that killed thousands of people and led to the worst nuclear crisis since Chernobyl, according to Hawaii’s tourism board. Mary MacNeill, managing director at Fitch Ratings, predicted at the time that the disaster would set back a recovery by one to two years.

“Tourism bounced back sooner than expected,” she said in an e-mail last week. “The Japanese tourism decline was not as great as originally expected. In addition, other markets, particularly China and Korea, had a large increase in travel to Hawaii.”

The average property value for Oahu hotels probably will climb 24 percent to $547,764 a room by 2015, according to HVS and STR, developers of an index that tracks supply and demand, profit and loss forecasts, and investment yields. Oahu’s projected per-room value is the second-highest among 65 major U.S. markets, after New York City, the firms said.

Strong Comeback

“This market has come back so strongly after the downturn,” Suzanne Mellen, a San Francisco-based senior managing director at hospitality-consulting firm HVS, said in a telephone interview. The firm conducted appraisals of the hotels for the Goldman Sachs financing.

That deal involved hotels owned by private-equity firm Cerberus Capital Management LP and known as the Kyo-ya portfolio in the commercial-mortgage backed security market. The loan backed by the properties was sent to special servicing in April 2011 after the hotels’ value dropped. Special servicers negotiate with landlords on behalf of bondholders and decide whether to modify a loan or foreclose.

Related stories:

  • Goldman Provides $1.85 Billion in Debt for Kyo-Ya Hotels
  • Cerberus Said to Seek $1.8 Billion Loan for Hawaii Resorts

Cash flow at the properties has almost doubled since 2009, Deutsche Bank AG (DB) analysts said in a May research note. That month, Cerberus sought to replace debt after a deal struck with New York-based Goldman Sachs in 2011 failed to close, three people familiar with the transaction said at the time.

CMBS Demand

The new financing will include a mortgage and mezzanine loans. A portion of the debt may be sold as bonds as investor demand for CMBS surges. Wall Street banks issued about $16 billion of securities tied to everything from mobile home parks to skyscrapers in the fourth quarter, a post-credit-crisis record, according to JPMorgan Chase & Co. Sales are on pace to reach $46 billion in 2012, almost 50 percent more than last year, the analysts said.

The extra yield investors demand to own top-ranked CMBS rather than Treasuries has dropped to 0.98 percentage point from 2.47 percentage points on Jan. 3, according to the Barclays CMBS Aaa Super Duper index. That’s the narrowest spread since at least January 2008.

“We’re going to let the financing speak for itself,” Michael DuVally, a Goldman Sachs spokesman, said in an e-mail. John Dillard, a spokesman for Cerberus with Weber Shandwick in New York, didn’t return a telephone call and e-mail seeking comment.

‘Completely Irreplaceable’

“These properties are completely irreplaceable because of the restrictive Waikiki zoning laws that make any new builds nearly impossible, and they are incredible cash cows,” Mellen said. “You can’t be better located than these hotels, sitting right on the beach in Hawaii.”

Many lodging investors are limited to redeveloping existing hotels, rather than constructing new ones, because of strict environmental and zoning laws meant to prevent overbuilding in Hawaii, especially near beaches, Mellen said.

“It is the highest barrier of entry market I can think of,” she said. “People say New York is a high-barrier market or San Francisco, but I think Hawaii is much worse.”

In August, Walt Disney (DIS) announced plans to expand its Aulani Resort on Oahu, just one year after its opening, for an undisclosed amount. The Burbank, California-based company plans to add a third swimming pool and a splash zone for kids, and has already added more lawn space for weddings. The new pool and splash zone are scheduled for completion in mid-2013.

Hawaii Flights

Starwood Hotels last month said it completed work at four properties: the $188 million redevelopment of the Sheraton Waikiki, the $6.5 million renovation of the Sheraton Maui Resort & Spa, the $16 million upgrade of the Sheraton Kauai Resort and the $20 million refurbishment of the Sheraton Kona Resort & Spa at Keauhou Bay.

The work is intended to help meet “the increased demand for high-quality accommodations as business and leisure travel to the Hawaiian islands continues to grow,” the Stamford, Connecticut-based company said in a statement.

This year through September, total seats on flights to Hawaii rose 7.3 percent, including a 47 percent increase in scheduled seats from Asian countries, according to data from the Hawaii Tourism Authority. Seats from the Oceania region, which includes Australia and New Zealand, climbed 30 percent, and from Japan they rose 13 percent. Scheduled seats from the U.S. West Coast rose 4.1 percent.

Any airline cutbacks or economic slumps in countries such as China or Japan may quickly upset Hawaii’s recovery, according to Stephen Hennis, a director at Boulder, Colorado-based STR Analytics.

Very Susceptible

“The fact that you can only get to Hawaii by plane or boat makes it more susceptible to cutbacks by airlines,” he said. “And its dependence on discretionary spending makes it very susceptible to economic changes in the regions it gets most of its visitors from.”

The state’s visitor arrivals this year through September climbed 9.6 percent to 5.97 million, according to a Hawaii Tourism Authority study. The biggest increases came from Japan, with a jump of about 16 percent, and the category that includes China and Korea, which had a 27 percent gain.

Hawaii’s gross domestic product is expected to rise 2.4 percent next year, compared with a projected 1.6 percent increase in 2012 and a decline of 0.2 percent in 2011, according to data from the state Department of Business, Economic Development and Tourism. GDP probably will climb 2.5 percent in both 2014 and 2015, according to the agency.

Ripple Effect

While Hawaii’s recovery is driven largely by tourism, real estate categories other than lodging also are improving.

“The ripple effect on other aspects of the Hawaiian economy is phenomenal,” said Mellen of HVS.

Building-permit volume in the state, including residential and industrial applications, climbed 33 percent to $1.2 billion worth of projects this year through September, according to data from Colliers International, a Seattle-based real estate services company. That’s the highest level since 2007, when permits for a record $1.35 billion worth of development were filed in each of the comparable periods.

In Honolulu, construction of a dozen condominium projects with a total of about 3,000 units is expected to begin in the next three years — about the same growth pace as in the peak years of 2006 and 2007, said Michael Hamasu, a Honolulu-based director of consulting and research at Colliers.

Residential Communities

On Maui, two residential communities — Kehalani and Maui Lani — are under construction, and on Oahu, a couple of large residential projects are being developed, including Ho’opili, a planned community by Fort Worth, Texas-based D.R. Horton Inc. (DHI)’s Schuler division, Hamasu said.

A joint venture of real estate investor Kennedy Wilson (KW) and Irvine, California-based IHP Capital Partners is spending about $300 million on Kohanaiki, a new golf-and-residential development on the Big Island of Hawaii’s Kona Coast, said William McMorrow, chairman and chief executive officer of Beverly Hills, California-based Kennedy Wilson. The companies expect the project to have a value of about $1 billion when it’s fully completed, in 10 to 15 years, he said.

“Everything in Hawaii is hitting on all cylinders,” McMorrow said in a telephone interview. “It’s an opportune time to deliver product to the Hawaiian market.”

Kohanaiki is the Big Island’s first new residential development in at least five years, said Saul Pinto, CEO of Kohanaiki Shores LLC, the property’s developer. The 500-unit, 500-acre (200-hectare) project received permits in 2004, then stalled during the slump, he said. Lots and units will be marketed at $1.7 million to $6 million “and up” toward the end of 2013’s first quarter, Pinto said.

California Buyers

“I would say 80 percent of buyers on the Big Island come from California, and to a lesser degree from Seattle and Portland,” Oregon, McMorrow said. “The majority of California buyers are from Northern California, and they have benefited from the success in the tech and venture-capitalist sectors. It’s a big driver.”

One of the biggest names in the technology industry, Oracle Corp. founder Larry Ellison, earlier this year bought 98 percent of the island of Lanai for an undisclosed price. The sale included two resort hotels, two championship golf courses and club houses, and more than 88,000 acres of land.

The sales volume for commercial-property transactions of at least $1 million is likely to reach about $2 billion this year in Hawaii, the highest level since 2007, when sales totaled $3.04 billion, according to Colliers. Real estate investments are likely to increase for the foreseeable future, said Toy of Hospitality Advisors.

“We see a lot of capital that is in search of acquisitions in Hawaii,” he said. “My phone rings a lot these days.”

To contact the reporter on this story: Nadja Brandt in Los Angeles at nbrandt@bloomberg.net

To contact the editors responsible for this story: Kara Wetzel at kwetzel@bloomberg.net; Rob Urban at robprag@bloomberg.net

530,000 foreign experts worked in China in 2011

SHENZHEN — A senior Chinese official on Monday addressed the 11th Conference on International Exchange of Professionals and revealed that nearly 530,000 foreign experts were working in China in 2011.

In contrast, the annual count stood at about 10,000 in the late 1970s, when China launched its reform and opening-up, said Zhang Jianguo, director of the State Administration of Foreign Experts Affairs, or SAFEA, at the conference’s opening ceremony.

These imported talents contributed to China’s modernization, especially in cutting-edge science and technology projects, according to Zhang.

He also pledged to invite more foreign talents to China and send more Chinese professionals to train overseas in order to promote mutual benefit and common prosperity.

The SAFEA introduced a national recruitment project in 2011 to secure the services of 500 to 1,000 high-caliber foreign experts in 10 years for key industries.

Under the project, each of the selected overseas professionals will be offered a subsidy of 1 million yuan ($160,300) to cover their living expenses.

Another subsidy of 3 to 5 million yuan will be offered for scientific research, according to previous documents released by the SAFEA.

A total of 94 foreign experts have been enrolled in the project, according to a statement issued at the ceremony.