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The Beijing housing exhibition kicked off this week. The four-day-long summer fair showcases beach-front housing, holiday accommodation and international properties. This year's fair features some new players in the industry.
Real estate projects in and around Beijing are dominating this year's fair. Overseas developers, including those from the U.S., Australia and Canada, are also showcasing their developments. But out of the 60 projects on display, only 20 percent are based in Beijing. Organizers say the government's property cooling measures may have given a competitive edge to housing projects located on the outskirts of Beijing.
Zheng Xiangdong, Spokesman of Beijing Jia Hua Four Seasons Int'l Exhibition said "We have witnessed an outflow of capital to the surrounding areas of Beijing. We estimate there are around 200 billion yuan of capital being spent on the property market outside Beijing".
Real estate developers see the fair as a great chance to grab a share of Beijing's lucrative property market.
Developers from holiday destinations including Qinghuangdao, Beidaihe and Sanhe are offering attractive prices to gain consumers' attention. Overseas housing projects are also demonstrating a competitive advantage in the fair.
Wei Kefei, Int'l Market Manager of Beijing Jia Hua Four Seasons Int'l Exhibition said "For example, a 240 square meter two floor house with two gardens in the U.S. would cost only 2.35 million yuan. And you can maintain permanent land ownership."
In order to attract more clients, organizers of the fair have substantially discounted ticket prices. They are expecting more profits from larger number of visitors.