China interest in italy on the up

Photo: Francesca Cappa

Chinese buyers are increasingly interested in Italian property, according to new reports.

Genertec Italia told Xinhua that the number of Chinese buyers in the country is on the up.

Speaking at the China Awards, an annual ceremony in Milan to mark growing relations between the two countries, the firm's CEO said: "We have been supporting our clients for the last 30 years, by following them all along the path to reach the vast Asian market."

The company already employs staff from both nations, a trend for working together that it believes is also becoming more widespread. One company highlighted in the award is Maylink, which handles PR, events and travel services.

President of Maylink, Li Yongping, told Xinhua that the company will remain active in Italy after the event.

World Capital, a Milan-based real estate consultancy, also said that its business with China is "going well", adding: "Chinese investors are interested in the Italian market, where we both operate in the B2C and B2B market."

Following the economic crisis, there has been growing interest from abroad to invest in Italy in the real estate sector, he noted. Indeed, Italy's property has become increasingly popular in recent months on TheMoveChannel.com, with the country rising in the portal's Top 10 countries. Demand is being driven by the weak euro and Italy's affordable prices, but as China's economy slows, investors are also keen to diversify their investments, boosting their interest in investing further.

"They are especially investing in the hospitality sector, where they see great potential for development," said World Capital. "The coming years will be important ones. Therefore we have a strong presence in China, with both Italian and local human resources, we are betting on China."