Despite a continued economic slowdown in China, some South Florida real estate firms are still targeting the Chinese and Asian markets.
ISG World has launched a division, ISG国际, focused on promoting and selling South Florida properties to Chinese buyers led by Don Pingaro.
Pingaro, who has nearly 25 years of experience on Fisher Island, will build a team of brokers with connections to high net worth individuals for ISG国际, which translates to ISG International. His team has hired interns and graduates from the University of Miami, where ISG International has sponsored the Asian student association. The firm also has plans to open new offices in Beijing and New York City, according to a press release.
Last fall, The Real Deal reported on a local push for Mandarin-speaking Realtors, including American Da Tang, Douglas Elliman, Beacon Hill Property Group and ISG, the latter of which brought on a market consultant for China. Since then, Chinese government officials triggered an economic slowdown by devaluing the currency, which caused panic in the global markets.
In South Florida, top business leaders have pushed for direct flights between China and Miami, which many say is needed for a mass exodus, as well as Chinese institutional investors making big buys in South Florida. Regardless, buyers from China spent more than $30 billion on homes in the United States in 2015 with an average purchase price of $831,000.
In 2014, an affiliate of the American Da Tang Group scooped up a Brickell development site for $74.8 million in cash. – Katherine Kallergis