Real­tors: No im­me­di­ate im­pact from elec­tion ei­ther way

China Daily (Canada) - - ACROSS AMERICAS - By AMY HE in New York amyhe@chi­nadai­

The out­come of the US pres­i­den­tial elec­tion will most likely not have a huge im­me­di­ate im­pact on Chi­nese in­vest­ment in the US real es­tate mar­ket, though a Hil­lary Clin­ton win could bring a con­tin­u­a­tion of cur­rent trends and a Don­ald Trump vic­tory would be filled with un­knowns, real es­tate pro­fes­sion­als said.

“As a pres­i­dent, [Trump’s] abil­ity to im­pact the real es­tate in­dus­try I think is muted. There’s one big area that he can po­ten­tially im­pact and that’s how de­pre­ci­a­tion is dealt with, but I don’t think any­body’s go­ing to touch that, so from the per­spec­tive of New York real es­tate, I don’t think it’s go­ing to mat­ter that much,” said Joseph Yi, chief in­vest­ment of­fi­cer at Real Hos­pi­tal­ity Group.

Yi said that there has been a lot of anti-China rhetoric — about lack of fair trade be­tween the US and China, about cur­rency ma­nip­u­la­tion — but that it’s hard to tell how much of that will go away once ei­ther can­di­date is in of­fice.

Jonathan Miller, pres­i­dent and CEO of Miller Sa­muel Real Es­tate Ap­prais­ers, said that the only im­pact will be a slight uptick in sales im­me­di­ately fol­low­ing the elec­tion since the un­cer­tainty of the pres­i­den­tial race will be over.

“I don’t think the party or the can­di­date mat­ters. It’s the layer of un­cer­tainty right now, be­cause it’s been a very con­tentious elec­tion. In 2012, a sim­i­lar thing hap­pened, but now it’s more ex­treme,” he said.

Miller said pres­i­den­tial can­di­dates can’t do 98 per­cent of what they’re say­ing. So when it gets down to the ac­tual “down and dirty of get­ting things done,” he said doesn’t see ei­ther can­di­date af­fect­ing huge change.

Yi, Miller and other real es­tate pro­fes­sion­als spoke to China Daily on the side­lines of an Asia-fo­cused real es­tate sem­i­nar held by the Asian Real Es­tate As­so­ci­a­tion of Amer­ica on Tues­day at the Roo­sevelt Ho­tel in New York.

Their com­ments re­flect sim­i­lar re­sponses made by Chi­nese in­vestors and US-based real es­tate agents in a re­cent sur­vey con­ducted by Asian real es­tate list­ings web­site A ma­jor­ity of both groups of re­spon­dents said they don’t ex­pect any im­pact on Chi­nese in­vest­ment strate­gies with ei­ther a Trump or Clin­ton pres­i­dency, though real es­tate agents were more likely to be­lieve that a Trump pres­i­dency will lead to sig­nif­i­cant im­pact on Chi­nese in­vest­ment.

The sur­vey also found that the Chi­nese in­vestors and the US real es­tate agents were al­most equally di­vided on whether a Clin­ton or Trump pres­i­dency will bet­ter im­ple­ment poli­cies that ben­e­fit them: 55 per­cent of the agents said Trump will; 54 per­cent of the in­vestors chose Clin­ton.

Real es­tate pro­fes­sion­als in­ter­viewed by China Daily at the AREAA event said that a Clin­ton ad­min­is­tra­tion would have poli­cies sim­i­lar to those of the cur­rent Obama ad­min­is­tra­tion.

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