Chinese investors are considered as one of the biggest foreign property buyers in the United States. Earlier this year, a lot of Chinese developers and investors are finding another place wherein they can build and throw their money and most of them are eyeing New York City. Based on the report made by the National Association of Realtors, Chinese buyers spent roughly $28.6 billion in the U.S. by the year ending in March.
According to The Real Deal, the influence of Chinese buyers and investors in the U.S. is currently felt beyond "gateway cities." For instance, this new luxury development called Long Lake in the town of Corinth, Northwest Dallas is reportedly experiencing the high trend of the Chinese market.
Beijing-based developer Zhang Long's Lelege USA is currently building 99 mini-mansions at the former Canyon Lake Ranch which are designed in order to target Chinese buyers from mainland China.
According to The New York Times, the average running price for the mini-mansions is around $2 million. The houses in Corinth will feature two master suites, which is ideal because one is for the owner and the other one is for the aged relatives. Aside from that, there will also be a concierge who will assist the homeowners to get Internet services or pay their bills. A chauffeur will also be there to assist the homeowners until they will be able to get accustomed with the navigation of Texas freeways.
The marketing material for the development indicates that "When Chairman Zhang saw the strength of the Texan economy, he decided it was time that the Asian community should be presented an opportunity to invest in the American Dream."
Last month, The Real Deal reported that Chinese buyers were also investing a lot in condo projects as well as commercial buildings. Chinese investors look for stable low risk assets which include multifamily buildings.
Jeff Dvorett who is the head of Kuafu Properties, a New York-based development firm known to specialize in partnering with Chinese investors, said, "We've really seen more of an uptick in that multifamily, stabilized-type asset as a kind of desire for investment in recent weeks."
"We are starting to encounter investors that are more willing to be in it for a longer period of time," he added.
Meanwhile, another news emerge that Chinese investors are starting to hold back in putting more money in the U.S. property market. This is attributed to how the Chinese stock market is performing back home and the overall economic downturn.
