Foreign developers out to woo Chinese investors
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.