Courting Chinese real estate investors is a long term play, experts say

Miami /
Sep.September 02, 2015 06:15 PM

While the recent turmoil in the Chinese financial markets won’t deter Asian investors from buying real estate in the United States, the Miami market is still a couple of years away from seriously competing with other global destinations for Chinese buyers, according to a three-person panel of experts.

Addressing approximately 350 attendees at the Greater Miami Chamber of Commerce’s trustee luncheon Wednesday afternoon, the panelists cautioned that local government and business leaders must invest resources into making the city welcoming to Chinese nationals who want to develop or buy real estate in Miami, as well as invest in businesses.

The speakers were Anthony Kang, a partner with the law firm Arnstein & Lehr, Angie Ki, the chief business development officer for Chinese business mogul Shanjie Li’s American Da Tang Realty, and Philip Spiegelman, principal of global real estate brokerage International Sales Group. Tom Hudson, vice president and special correspondent for WLRN, moderated the panel.

Ki said Miami is not just competing with U.S. cities like Los Angeles and New York City. “We’re competing with the world,” Ki said. “Not only is Europe closer to China. [A Chinese national] can get a green card in five years. We’re also competing against Australia, Singapore, and Canada.”

Establishing direct flights between Miami and mainland China will make it easier to sell Asian investors on visiting the city, but it’s just the first step, Spiegelman explained. “The fact is we need the infrastructure all across the board,” he said. “Schools, shops, and even food items that are specific to China. None of that is woven in the fabric of Miami. But it is coming.”

Kang said Miami needs professionals who not only speak Mandarin, but also understand the intricacies of Chinese business culture, like how to present a business card and who pays the tab for a business dinner. “We’re also going to need translators for business conventions and meetings, as well as tours specifically geared to Chinese tourists,” Kang said.

However, Kang, Ki, and Spiegelman agreed that Miami is poised to become the next global destination for Chinese buyers and investors. “Chinese buyers have succeeded Canadians as the top foreign buyers of real estate in the U.S.,” he said. “There’s no reason they won’t be in Miami.”


Related Articles

arrow_forward_ios
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
6303 and 6505 Blue Lagoon Drive with RealOp Investments CEO Reggie Bell (Google Maps, LinkedIn)
RealOp Investments buys Waterford office complex for $110M
RealOp Investments buys Waterford office complex for $110M
arrow_forward_ios

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

Loading...