When China entered the WTO (World Trade Organization) in 2001, it prompted a rapid liberalization process that changed economies worldwide.
The Chinese legal system recognizes the primacy of ethics and the law as well as the absoluteness of the collective interest (the PEOPLE). There is a preference for the conciliatory solution of disputes in the traditional Confucian sense which actually has increasingly had links with European countries, in particular with the Roman–Germanic system.
With the revision of Article 13 of the Constitution in 2004, there has been recognition of the inviolability of private property in China.
The ‘Middle Kingdom’ with their political and economic isolation and investment abroad as well as the economic crisis that has severely reduced prices, Chinese investment has become an important player.
The Italian real estate market and Tuscany have been inundated by the new class of wealthy Chinese. They have focused particularly on valuable luxury properties, made in Italy companies and the winery sector.
Although the main Chinese buyers are still institutions (government, pension funds etc.), it is now quite evident that the flow of Chinese private investment into Italy and Tuscany is soaring.
The Italian embassy in Beijing is all in favour of these types of investments, with the issuance of residence visas, so favoured by those who intend to make significant investment in Italian property and establish residency for themselves and their families.
This means that the Chinese who invests in Italian real estate has a double benefit, as well as taking advantage of the cheaper prices it is now easier to get a visa for “an elective residency or longtime tourist (5 years).”
There is an added bonus in buying an Italian property and that is for their children, who are increasingly interested in attending university here. The latest figures show that the University for Foreigners in Siena had about 1950 Chinese students!
This phenomenon certainly cannot be ignored, and our real estate agency has always had a strong appeal with international investors. We should be ready for these new potential clients who require highly professional consultants from various sectors.
Edited by Adv. Mariangela Marrangoni and translated by Tanya Pia Starrett