Travel to the United States from mainland China has picked up for the first few months of 2009 and there are some indications the U.S. housing market is the reason.
Reportedly more than 50,000 individuals in China have a net worth over $10 million, while those having a net worth over $1 million number more than 800,000.
Real estate is a top priority for wealthy Chinese investors who presently tie up 21% of their assets in real estate holdings as compared to a global average which runs around 14% of assets being invested in real estate.
The younger generations in China have grown up seeking success in economic opportunities coupled with a desire for status. They are the vanguard looking to increase China’s role and influence in the world. Gen X, known in China as the “little emperors” due to China’s only child policy, and Gen Y have been acknowledged as the first “global generations,” and are confident, competitive, and have positionedthemselves in leadership roles in China and globally.
Investing in U.S. real estate is very attractive to them and presents tremendous opportunity for those who have witnessed China’s first wave of “broad, economic opportunity.”
The Chinese are smelling the bottom of the market and are seeking out real estate opportunities from greater Boston to San Francisco.
And specialized housing tours are proving popular attractions amongst China’s elite…
At the end of February, 40 wealthy Chinese embarked on a housing tour of the US. The trip, run by Soufun Holdings, one of China’s largest real estate companies, kicked off in Boston and continued on to San Francisco, Los Angeles and New York. For a fee of US$3,600 apiece, tour group members perused homes in the US$500,000 to US$1 million range.
The trip was so popular that Soufun had to turn away 400 applicants…
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