For­eign de­vel­op­ers out to woo Chi­nese in­vestors

China Daily (Canada) - - SHANGHAI - By YU RAN in Shang­hai

yu­ran@chi­nadaily.com.cn

Chi­nese in­vestors have in re­cent years be­come prime tar­gets of real es­tate de­vel­op­ers in for­eign property mar­kets, and this has re­sulted in China be­com­ing an es­sen­tial des­ti­na­tion for such de­vel­op­ers to pro­mote their projects.

In an in­di­ca­tion of how im­por­tant Chi­nese in­vestors are, David R. Wein­reb, the chief ex­ec­u­tive of­fi­cer of Howard Hughes Cor­po­ra­tion, per­son­ally trav­eled to Beijing and Shang­hai in Oc­to­ber to present his com­pany’s lat­est de­vel­op­ment — the Ward Vil­lage Gate­way in Hawaii — to po­ten­tial buy­ers.

About 30 per­cent of the de­vel­op­ment is ex­pected to be snapped up by buy­ers in the Asia Pa­cific, es­pe­cially those from China and Ja­pan.

“Wealthy Chi­nese con­sumers have been our ma­jor buy­ers in the past two to three years. They ex­pect wellde­signed and multi-pur­pose res­i­den­tial com­plexes that of­fer them a com­fort­able liv­ing ex­pe­ri­ence as well as promis­ing re­turns,” said Wein­reb.

Ward Vil­lage Gate­way falls un­der the sec­ond phase of the Ward Vil­lage Mas­ter Plan, a 60-acre com­mu­nity lo­cated in the Kaka‘ako dis­trict of Honolulu, Hawaii that fea­tures a pub­lic park and two mixed-use tow­ers with ap­prox­i­mately 236 res­i­dences and 20,000 square feet of re­tail space.

In the first phase of the project, al­most 40 per­cent of the apart­ments were ac­quired by Asian buy­ers, no­tably Chi­nese celebri­ties and wealthy busi­ness­men. One of the main rea­sons for the good re­cep­tion is that un­like other property mar­kets in the United States that have been hit by a slump, home prices in Hawaii are on the rise.

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