Miami developers courting Chinese investors

Miami /
Feb.February 17, 2015 03:00 PM

South American and Russian investors drove Miami’s recovery through the housing downturn, but now developers are reportedly looking at Chinese buyers to sustain the boost.

While Chinese buyers only make up 3 percent of the market in Miami, they are one of the fastest groups of foreign buyers, according to a published report.

Latin American investors from countries like Venezuela, Brazil, Colombia and Argentina accounted for 62 percent of sales in 2014.

But with South American and Russian currencies losing strength, investors are becoming discouraged, the Daily Business Review reported.

“Property values have gone up, and the currencies shifted in the other direction,” Daniel de la Vega, president of One Sotheby’s, told the Associated Press. “So South American investors may look at us and say it’s not as good of an opportunity.”

Now, big-name Miami developers are trying to draw in buyers from across the pacific.

Codina Partners, for example, sent a representative to Beijing to generate interest in the firm’s Downtown Doral revival. NR Investments made a promotional video in Mandarin for its luxury condominium project, Canvas.

In December, a Beijing company purchased a Brickell development site for $74.7 million in cash.

“Everybody wants a piece of Miami now,” Ron Gottesmann, a principal at NR, told AP. “This is the beginning of the change.” [Daily Business Review]Sean Stewart-Muniz


Related Articles

arrow_forward_ios
Hilarie Bass (The Bass Institute) and 3591 Rockerman Road, Miami (Toni Schrager / Brown Harris Stevens Miami)
Former Greenberg Traurig co-president sells waterfront Coconut Grove home for $16M
Former Greenberg Traurig co-president sells waterfront Coconut Grove home for $16M
TPG CEO Jon Winkelried with AC Hotel Miami Midtown at 3400 Biscayne Boulevard and the next-door Hampton Inn & Suites at 3450 Biscayne Boulevard (Hilton, Google Maps)
Why buy one when you can take two? TPG nabs Miami AC Marriott, Hampton Inn in Edgewater for $61M
Why buy one when you can take two? TPG nabs Miami AC Marriott, Hampton Inn in Edgewater for $61M
Moishe Mana and one of the properties that's located on Flagler Street. (Getty, Google Maps)
Moishe Mana expands downtown Miami assemblage with $27M purchase
Moishe Mana expands downtown Miami assemblage with $27M purchase
One Thousand Museum with developer Louis Birdman (Getty, One Thousand Museum)
One Thousand Museum developers refund nearly $1M deposit for condo purchase in legal dispute
One Thousand Museum developers refund nearly $1M deposit for condo purchase in legal dispute
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Abraham Edgardo Ortega is one of nine people charged in the laundering scheme. (Getty, Department of Justice)
Former Venezuelan oil exec sentenced in $1B money laundering scheme
Former Venezuelan oil exec sentenced in $1B money laundering scheme
UOVO Founder Steven Guttman (UOVO)
UOVO scoops up art storage facilities in Miami, West Palm Beach in $50M buy
UOVO scoops up art storage facilities in Miami, West Palm Beach in $50M buy
East End Capital’s Jonathon Yormak, BentallGreenOak’s Sonny Kalsi and 100 Biscayne Boulevard. (East End Capital, BentallGreenOak)
East End Capital, Australian investors lose suit over $6M deposit in failed downtown Miami office tower sale
East End Capital, Australian investors lose suit over $6M deposit in failed downtown Miami office tower sale
arrow_forward_ios

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

Loading...