UPDATED Sept. 2, 3:45 p.m. The Miami Association of Realtors is bullish about bringing Chinese buyers to South Florida, and now has a new partnership that it says will put Miami properties on the screens of thousands of prospective buyers.
The association partnered with Juwai, which it says is China’s No. 1 website for international property searches, according to a press release.
Juwai.com has more than 2.4 million property listings from 58 countries. Its main audience is wealthy investors from more than 315 Chinese cities, and Chinese communities in Taiwan, Hong Kong, Malaysia an Singapore, according to the release.
Miami’s port expansion, schools and universities, and even clean air are appealing to Chinese buyers, industry insiders have told The Real Deal. And while many brokerages are still waiting for a wave of buyers from China and Asia overall, some like Aventura-based ISG are now reporting condo sales to Chinese buyers, principal Craig Studnicky told previously TRD.
Earlier this week, the Wall Street Journal reported that Chinese investors continue to throw billions of dollars at real estate in the United States as confidence in their hometown markets fades.
In the first half of this year, companies with Chinese backers accounted for $5 billion worth of U.S. real estate purchases, up 19 percent year-over-year.
Buyers from China accounted for 2 percent of international residential purchases in South Florida in 2015, up from 1 percent in 2012, according to the Realtors association. A marjority of those deals are in Miami and Miami Beach.
In terms of new development, the China City Construction Holding Group is hoping to develop both a major mixed-use project in Brickell and an 18-story residential tower in Miami Beach, although progress has yet to be seen. – Katherine Kallergis