![]() ![]() Their property market has come to a head. You're even seeing them start to invest in Miami, a city that does not really resonate historically with the Chinese. real estate market," says Horacio LeDon, in charge of development and marketing for California and Florida at Douglas Elliman. "I see no stopping to China's investment in the general U.S. real estate.Īround 14% of California's real estate sales come from foreign buyers, making it second only to Florida, which is dominated by Latin Americans and Canadians. It won't be over-run by Chinese buyers, but Greenland's arrival stands as a testament to the fact that China is becoming a bigger player in U.S. They're building the largest mixed-use development in the state, at 1.2 million square feet. It bought a $1.5 billion six acre lot in downtown Los Angeles in February. The Greenland Group, one of China's largest real estate developers, is helping to sell California real estate to the Chinese. ![]() Not only is it easier to get to, but big cities like Los Angeles are finally building mixed-used properties in the urban areas. New York is the most expensive real estate market for the Chinese, but not their favorite state to buy a home. They are all owned by foreigners, of which the majority of them are Chinese. Some 30% of apartments from 49th Street on up to 79th Street in Central Park - between Fifth Avenue and Park Avenue - are vacant. ![]() He closed the deal on WeChat, a free texting service owned by China's Tencent Holdings, and never walked into the building prior to closing. "Some of these guys are buying property sight unseen," he adds.įor instance, a Douglas Elliman client from China bought two properties inside the upscale Baccarat Hotel & Residences on West 53rd Street for around $13 million each. "It used to be that they would just appear out of the woodwork, but now everyone in the real estate market is going to the Chinese and marketing their product directly to them in China," says Purcell, who advertises on Juwai, a popular real estate website. When the newly renovated Bank Building on 300 West 14th Street was turned into condos and ready to market, the Chinese came knocking for one bedroom $7 million real estate. ![]()
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