New firm targets Asian appetite

An entrepreneurial Irish property broker has made a move into the Chinese market, opening an office in Shanghai to lure cash-rich Chinese buyers to European purchases.

Targeted sales for 31-year ol Colin Horan of ExtraSales Consulting will primarily be Irish-owned overseas investments, as well as Irish properties and assets. His move to mainland China comes as UK based agent Savills predicts that Chinese buyers will account for 10% of international hotels purchases by 2017, up from a current 4% of ownership, noting a recent £450m buying spree in the UK alone.

In Ireland, a link is already forged with the Cork/Beijing-based Kang family buying Fota Resort for €20m, and the Kingsley for €6m, and they are understood to be actively chasing other Irish hotels.