SEOUL, Feb. 21 (Korea Bizwire) – Land owned by Chinese individuals and companies in South Korea has increased by more than five-fold over the past five years, a report showed on Tuesday.
The amount of land owned by Chinese entities here came to 16.9 million square meters last year, marking a 486-percent hike from 3.7 million square meters tallied in 2011, according to the report compiled by KB Financial Group.
The increase in land ownership by Chinese entities is in sharp contrast with a 49-percent rise in total foreign land ownership here during the cited period.
The Chinese ownership of South Korean land increased 2.62 million square meters last year alone, also the sharpest gain among others, the report showed.
Chinese entities’ land ownership accounts for roughly 7 percent of total foreign land ownership in the country, it added.
The report said authorities may need to review any potential impact of a sharp increase in foreign land ownership here.
Last year, Vancouver slapped a 15-percent tax on foreign nationals buying real estate, in order to dampen an inflow of offshore money – mainly Chinese – that has been cited as one of the reasons behind Vancouver’s booming real estate market.
Chinese people are estimated to have spent $35 billion on overseas foreign properties around the globe in 2016.