As property prices in the U.S. dropped over the past few years, investment interest in the American housing market grew attracting international buyers. Chinese interest in U.S. real estate seems to be at an all-time high. Wealthy buyers from China are investing in multi-million dollar luxury properties as well as foreclosed properties in major U.S. cities such as New York, Los Angeles, and San Francisco. Many Chinese buyers are paying in cash for these residential and commercial properties. The Chinese are now the second-largest foreign buyers of U.S. homes behind Canadians, accounting for over $9 billion in sales over the last year.
With governmental restrictions on mainland property purchases, the encouragement to purchase out-of-country real estate has risen. The increasing value of the Yuan is up more than 8% since mid-2010, giving the Chinese more purchasing power. Buyers from China and Hong Kong spent $1.71 billion on commercial property in the U.S. in 2011, more than quadruple their investment in 2008. According to USA Today, 40% of Chinese buyers are looking for to the United States for financial investments, while the remaining 60% are looking for property with the intent of future immigration purposes, business- or work-related investing, or are interested in the education system for children. Many American economists see this as an opportunity to boost the U.S. housing market through foreign investors.
SM Sold proudly announces that our president and CEO, Steve Pollack, will assume the role of United States Sales representative for the Luxury Properties Beijing Showcase 2012. The Luxury Properties Showcase will be held from November 2 to the 4 at The Legendale Beijing. LPS Beijing is China’s most exclusive display of international luxury properties and developments designed specifically for the Chinese market. If you’re planning to attend LPS 2012, contact SM Sold today, as we will be selling booths and booth spaces to be showcased at this year’s event.
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