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.

“By establishing a physical presence in China and further developing its relationship with realtors in Shanghai, ExtraSales believes it can significantly increase the volume of interest from Chinese investors in Irish and European property, further assisting Europe’s property market recovery,” said a spokesperson this week.

Company MD Colin Horan set up the business in 2007 to re-sell Irish-owned, European properties across tourist destinations to the Russian, and later, Scandinavian, markets. He employs almost 30 staff in Dublin, Spain, Bulgaria, Turkey, Portugal and, now, Shanghai.

More than a quarter (27%) of all Chinese foreign property investments are in Europe.

* Details: www.extrasales.ie