A Chinese businessman just purchased a luxury mansion in Vancouver’s Point Grey neighborhood for a princely 51.8 million CAD (256 million RMB).
The house sits on 2.7 acres of land and formerly belonged to Electronic Arts and Zynga CEO Don Mattrick.
The property, actually three lots combined into one, boasts an underground 10-car garage, a guest house, a separated studio, sports courts, a movie theater, waterfalls and various other decadent features that the likes of us have never known.
The mansion was sold in mid-December to Mailin Chen, a businessman from mainland China, and his company Chunghwa Investments Canada Ltd. The company was incorporated in 2014 and its office is located in downtown Vancouver, according to Canadian news portal National Post.
The businessman had reportedly sold a 10.5 million CAD home in the Shaughnessy neighborhood of the city in December, as well.
The mansion on Drummond Drive is reportedly one of Vancouver’s priciest homes, just behind a 57 million CAD property owned by Lululemon founder Chip Wilson.
Chen’s purchase follows a trend of Chinese buyers who have recently been forking out for exclusive Canadian real estate. Last month alone, 118 houses were sold in West Vancouver, agent Clarence Debelle of Royal Pacific Realty told the Post, and of the homes priced 4 million CAD or higher, an estimated 75 percent were snapped up by buyers with ties to mainland Chinese money.
Residents are now concerned that purchasers from mainland China are driving up real estate prices. “For people who have homes to sell, which is their retirement fund, it is a good thing,” developer Michael Geller told CBC News, “but for everybody else, I don’t think it’s a good thing, because the ratio between the price of housing and what people earn has got out of whack.”
“I love Vancouver. It’s a very beautiful city,” Chen said in the same report. “They have the best education for kids.”
[Images via Vancouver Sun]