Chi­nese take sunny view on Mi­ami

China Daily (USA) - - FRONT PAGE - By HEZI JIANG in New York hez­i­jiang@chi­nadai­lyusa.com

Chi­nese con­sumers have dou­bled their South Florida res­i­den­tial prop­erty pur­chases over the last four years, grow­ing from 1 per­cent of all in­ter­na­tional sales in 2011 to 2 per­cent in 2015, ac­cord­ing to the 2015 Mi­ami Pro­file of In­ter­na­tional Home Buy­ers re­leased by the Mi­ami As­so­ci­a­tion of Real­tors.

“That may not sound like much, but be­cause Mi­ami has so many in­ter­na­tional sales (22 per­cent of unit sales and 36 per­cent of dol­lar vol­ume), 1 per­cent of our in­ter­na­tional sales are more than some mar­ket’s to­tal in­ter­na­tional sales,” said Teresa King Kin­ney, CEO of the as­so­ci­a­tion.

“I still be­lieve it’s just a frac­tion of what it will be,” she said.

Latin Amer­i­can, Euro­pean and Rus­sian buy­ers were Mi­ami real es­tate agents’ in­ter­na­tional fo­cus. Now they are set­ting their sights on China, the top buyer of US real es­tate.

The Mi­ami As­so­ci­a­tion of Real­tors re­cently part­nered with Juwai, one of China’s largest in­ter­na­tional prop­erty search por­tals, to pro­mote Mi­ami’s res­i­den­tial and com­mer­cial list­ings.

Kin­ney has made four trips to China. In June, she pre­sented Mi­ami real es­tate projects to buy­ers in Chengdu, Xi’an, Changzhou and Shang­hai.

“They’re very, very pos­i­tive about Mi­ami, and ev­ery time we re­fer to ‘Mi­ami’, it’s like ‘Oh, I want to go to Mi­ami’ and smil­ing. I guess it’s the sun­shine ef­fect of Mi­ami,” Kin­ney said.

Some lo­cal real es­tate com­pa­nies have es­tab­lished part­ner­ships with the largest Chi­nese bro­ker­age firm, Homelink.

“They have com­mit­ted time and re­sources to learn­ing the Mi­ami mar­ket. Re­cently, they brought 20 top pro­duc­ers to train with us,” said Philip Spiegel­man, prin­ci­pal of

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