Chinese individuals looking to snap up property in London now have an opportunity to do so with bitcoin, a report from South China Morning Post suggests.
Cai-Capital Limited, a brokerage firm that was established in October 2013, is setting its sights on Chinese homebuyers with digital currency to spare.
The idea, according to the broker’s website, is to “[create] wealth through wise property investment,” allowing the Chinese with significant net worths to bypass foreign exchange restrictions set forth by authorities in the People’s Republic of China.
“We believe that [China] could be a large market, simply because of the [country’s mainland] currency restriction,” said Richard Mathieson, managing director at Cai-Capital.
As of current, Mathieson is helping two Hong Kong-based buyers complete purchases of properties in London using digital currency. One of those buyers is picking up a £1 million home, another a £750,000 flat.
Cai-Capital is reportedly working with the Acquire CC Exchange, a firm registered in the Channel Islands in order to convert bitcoin revenues to local currency — in this case the pound sterling. Property developers will then be paid in pounds.
And while bitcoin may serve as a means to bypass foreign exchange restrictions, authorities in China would try to convince you that bitcoin is too risky a means of making payments.
Of course, in this case it seems to be doing good, and this probably won’t be the last we hear of properties being sold in exchange for digital currency.
[textmarker color=”C24000″]Source[/textmarker] South China Morning Post