What Chinese Investors Want? Fun!
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This morning, JLL’s SVP Mark Lester, who’s been finalizing the sale for some time, shared details with us—at least what he can share. The deal closed Friday, and the seller has a non-disclosure agreement with the buyer. The 250-acre resort was listed for close to $15M and sits on 5k feet of waterfront.
Can you find Waldo? How about the golf course, marina, spa accommodations, and food and drink service? The purchaser is from Mainland China, another sign that Chinese investment is pushing more into these specialized, recreational-type property deals, Mark says, the type of transactions he specializes in for JLL
Other recent transactions featuring buyers from mainland China include the 43-acre Fox Island on the southern B.C. coast, for $2.5M, and the Fairmeade Farm in Langley for $5.5M. As for Lake Okanagan, “It is my understanding that the intention is to operate the resort and cater to Chinese tourism,” Mark tells us. In a rarity, another deal came down the same day last week. (When it rains, it pours. And it always pours when we go to resorts.) Mark informs us of the sale of Carmel Cove Resort (image) to a Vancouver-based development company. This was a court-ordered deal, which closed at $4.1M. The property is on Shuswap Male in B.C.’s interior. The purchaser’s intention is to sell off the units, Mark says.
If the sale of Lake Okanagan Resort is any indicator, Chinese investors want the same thing we do. Sun rays and pool time.