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
Faena House at 3315 Collins Avenue in Miami Beach (Condos.com)
Faena House closing tops Miami-Dade’s weekly condo sales
Faena House closing tops Miami-Dade’s weekly condo sales
A photo illustration of the Four Seasons Residences at Biscane Bay (left), the Mansions at Acqualina (middle), and the 1 Hotel & Homes at Miami Beach (right) (Condo.com, iStock)
Here are Miami-Dade’s top condo sales in April
Here are Miami-Dade’s top condo sales in April
Mera and Don Rubell in front of 1090 Northwest 23rd Street in Allapattah (SVN Commercial Realty, Rubell Museum, iStock)
Rubells expand their Allapattah art space with $11M industrial building purchase
Rubells expand their Allapattah art space with $11M industrial building purchase
Marc K. Bhargava and 8701 Collins Avenue, Unit 601, Eighty Seven Park in Miami Beach (Compass, LinkedIn)
Crypto pioneer buys Eighty Seven Park condo in Miami Beach for $6M
Crypto pioneer buys Eighty Seven Park condo in Miami Beach for $6M
CMC Group's Ugo Colombo in front of 2950 Southwest 27th Avenue (LoopNet, Getty Images)
Ugo Colombo’s CMC Group sells Coconut Grove office building for $11M
Ugo Colombo’s CMC Group sells Coconut Grove office building for $11M
A photo illustration of The Surf Club Four Seasons in Surfside (Condo.com, iStock)
Surf Club Four Seasons closing tops weekly condo sales in Miami-Dade
Surf Club Four Seasons closing tops weekly condo sales in Miami-Dade
Palazzo Del Mare at 7111-7193 Fisher Island Dr Miami Beach (Condo.com)
Oceana Bal Harbour closing tops weekly condo sales in Miami-Dade
Oceana Bal Harbour closing tops weekly condo sales in Miami-Dade
Lucy Guo and One Thousand Museum (1000Museum, LinkedIn)
Party poopers? Techie Lucy Guo’s wild jamboree at One Thousand Museum riles condo association
Party poopers? Techie Lucy Guo’s wild jamboree at One Thousand Museum riles condo association
arrow_forward_ios

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

Loading...