Property News · September 19, 2016

This US city is seeing an influx of Chinese investment


Attractive price points are encouraging Chinese investment in one of the US’s fastest growing cities
Chinese buyers view Houston, the Texan capital, as a “wonderful place to park their money,” Cheri Fama, an agent with Houston-based agency John Dougherty Realtors told CCTV America. “They’re bringing their money out of China looking for good investments and the mix and the diversification of the benefits of being in Houston and in Texas are great.”
Affordability is one factor that has captivated Chinese buyers to this side of the North American market. “These foreign investors have their eye on Houston,” Tadd Tellepsen of Tellepsen Construction told CCTV. “Houston is still relatively affordable from a real estate perspective.”
More: Chinese developer buys land in New York for USD66 million
Houston’s median home price stands at USD146,600, compared with USD531,600 in New York City. Yet the Texas capital has grown faster than any other American city, according to the US Census Bureau, with 6.5 million living in the metropolitan area.
Texas in general is becoming an alluring place for luxury buyers because of the lack of estate taxes. Wealthy Chinese are also taking advantage of the EB5 visa for investment programme. Houston, in particular was singled out as an “intense cluster of wealth,” by to Wealth-X co-founder David Friedman, who sees it as an emerging market for moneyed Chinese consumers.
Although Chinese nationals are still the most voracious buyers of US property, its thrall may be fading as China clamps down on capital outflows. According to a report by the National Association of Realtors, US residential property sales to Chinese buyers have fallen for the first time since 2011. Houston was included in our ‘ultimate second city guide’ in 2015. Find out why
Houston was included in our ‘ultimate second city guide’ in 2015. Find out why here.
Read next: Do Asian investors still want to be top of the heap in NYC?

Source : property-report.com
Read more…This US city is seeing an influx of Chinese investment

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