Chinese buyers grow savvier about US real estate

Investors increasingly look beyond New York

New York /
Jan.January 02, 2017 11:00 AM

As Chinese real estate investors become more familiar with the U.S. market, they are starting to look beyond New York City and Los Angeles.

“Many more Chinese today have worked, studied or travelled to other countries than was the case five years ago,” Charles Pitter, the CEO of real estate portal Juwai.com, told the South China Morning Post.

Over the past year, 30 percent of all Chinese inquiries to invest in the U.S. were for cities other than New York, Los Angeles and San Francisco, according to consultancy East-West Property Advisors. Meanwhile, Seattle replaced San Francisco as the third most viewed market on Juwai.com last year. Houston and Las Vegas complete the top five.

“Chinese buyer interest in non-traditional destinations is one sign of their growing comfort with overseas markets. It reveals a group of more sophisticated investors who are willing to look at opportunities further afield if they offer good investment fundamentals, better entry prices or less tangible benefits like lifestyle advantages,” Pitter added.

David Ji, of brokerage Knight Frank, told the paper that Chinese investors are no longer buying “blindly” thanks to the increasing amount of information available to them.

Chinese buyers have emerged as a force in the New York condo market over the past three years. In November, Bloomberg reported that Chinese investment in overseas real estate hit record levels in 2016.  [SCMP] – Konrad Putzier


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
The Lombardy Hotel at 111 East 56th Street (Google Maps)
Lombardy shareholders seek $150M+ for Plaza District hotel co-op
Lombardy shareholders seek $150M+ for Plaza District hotel co-op
Rich Barton
Inside Rich Barton’s quest to dominate homebuying
Inside Rich Barton’s quest to dominate homebuying
Freddie Mac’s economists said the slowdown will be caused by a hike in mortgage rates and limits on housing supply. (iStock)
Fannie, Freddie say housing market could see slight hiccup
Fannie, Freddie say housing market could see slight hiccup
As office market laguishes, single-tenant buildings pose risk to landlords (iStock)
Single-tenant office buildings face higher risk of default
Single-tenant office buildings face higher risk of default
Steven James and Brad Loe
Elliman’s NYC CEO Steven James jumps to Berkshire’s HomeServices
Elliman’s NYC CEO Steven James jumps to Berkshire’s HomeServices
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...