Miami Association of Realtors Looks to Attract Chinese Investors
The real estate group is teaming with a major property-search portal in China to help draw attention to the Miami market. The partnership comes at a time when Chinese investors are focusing on U.S. properties.
Just because your association is focused on a local market doesn’t mean you can’t have international ambitions.
Case in point: The Miami Association of Realtors (MIAMI) is trying to attract real-estate buyers all the way in China.
Last week, the association announced that it was teaming with the property-search portal Juwai, in an effort to attract Chinese investors to the Miami market. Juwai is the largest search portal for international properties in China and is also utilized by Chinese communities in Taiwan, Hong Kong, Malaysia, and Singapore.
“Miami is the city of the future,” MIAMI CEO Teresa King Kinney said in a news release. “With its proximity to Latin America, diversified economy and newly-improved port, airport and highways, Greater Miami is in position to attract major investment from China and other international countries. Greater Miami already produces more than $300 billion in economic output, which is similar to the economies of Singapore and Hong Kong.”
Currently, 2.4 million properties are listed on the Juwai website, according to the news release.
The approach is part of an ambitious strategy for the metro area, which has taken steps to drum up investment interest from the Chinese market. In June, Kinney presented during the Asian Real Estate Association of America’s China North America Global Summit, and local government officials recently traveled to China and Taiwan to help drum up support for nonstop flights between Asia and Miami.
The approach comes at a time when Chinese investment in U.S. real estate is increasingly ambitious. Last month, The Wall Street Journal reported that investors based in China invested $5 billion into the purchase of U.S. commercial properties during the first half of 2016, a 19 percent increase compared with 2015.