Buying a College-Town Apartment—While Junior Is Still in Diapers
Chinese businessman Li Sheng is looking for a $900,000, four-bedroom home in Australia, where he hopes his two children will someday attend college. At this point, neither child has finished grade school—one is still in diapers—but Mr. Li hopes to buy a family home in Melbourne in the next year.
Mr. Li, who lives in Harbin, an industrial city in northern China, sees the purchase as a good investment in both his real-estate portfolio and his children’s future. While China has plenty of universities, he and other affluent parents say they want their children to experience life abroad, where the educational system is less rigid. “In Chinese families, the parents make the choice for their kids,” Mr. Li, 40, says. When his children get older, “I don’t want to make choices for them. I want them to do it themselves.” Read More…