Demand for ghost towns increases with the rise of a new breed of Asian investors. (Photo : Reuters)
Chinese investors of late have become the major force in foreign property in Canada. Recently, a "ghost town" in British Columbia, Canada, was bought by a real-estate company from China.
An announcement on Jan. 2 on the website of Sutton Seafair Realty, a Richmond-based real-estate agency, stated that Chinese company Zhong Ya Group Hebei Canada-China Co. acquired Bradian, a town located in the Bridge River Valley of north Whistler.
Bradian is an abandoned town with a spread of 20 hectares. It was once home to a successful gold-mining business and the community that surrounded it. Bradian was once a complete town, with paved streets, fire hydrants, town center and houses. When gold-mining waned during the '70s, Bradian was vacated.
John Lovelace, an official from Sutton, said that they had huge positive response from property buyers across the world. Eventually, they decided to sell to the Chinese company as they saw that the property was fit to them.
"The company told us they plan to rehabilitate the town but I think they are prepared to take the time to plan everything out first, which will take a lot of time," Lovelace added.
Spokesperson for the Bradian project Michael Mills said that Zhong Ya Group would start to rebuild and improve the town's infrastructure as first step toward development.
Speculations of the said town put developer in a very costly endeavor as infrastructure like electricity and plumbing are more than 80 years old.
Lovelace added that there was an equal number of domestic and foreign buyers. In the end it was the Asian buyers who were able to acquire the property.
Lovelace further added that there is a new wave of Asian buyers who are becoming more sophisticated in their choices of properties to buy. These Asian investors are searching all over BC for farms, ranches and other businesses. In the case of Bradian, an entire town.
Sutton is going to hold a China and BC Investment Expo on Feb. 21 and will showcase investment properties for Chinese investors. Types of properties for sale will appeal to the Chinese buyers. These are comprised of farmlands, industrial parks and entire abandoned towns.
Lovelace stated that the entry of fresh capital would help the BC's rural northern towns to kickstart their economies.
Lovelace said that it was exciting to see fresh money come into the rural areas of BC because he thinks that initiatives such as the Bradian purchase might stimulate northern economies.
