Subscribers

Chinese dominate auction of Portugal govt properties

They account for almost 1 in 5 foreign property purchases in the country during the first 9 months

Lisbon

AS bargain-hunters waited in a packed room at a property auction in Lisbon last month, one language dominated their chat: Mandarin.

About 90 per cent of the bidders for the government-owned apartments and stores on offer were Chinese, according to Jorge Oliveira, the official overseeing the asset sale. They ended up acquiring more than two-thirds of the 45 properties, he said.

"A Portuguese investor bought a store to start a bakery and coffee shop, but most of the properties went to the Chinese," Mr Oliveira said after the sale.

Portugal is the latest target for Chinese investors who have been acquiring buildings around the world as China allows freer movement of funds in and out of the country....

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes