Top Chinese real estate agents tour Miami's hottest new developments. Photo via MiamiHerald.com
As the Miami real estate market looks for a more diversified group of buyers, agents and developers are focusing on China as a new revenue stream where investment has historically been weak. Factors effecting this are Miami's new emergence on the world stage as a world class city to invest in, but also due to proximity and the fact that there are no direct flights between Miami and China. The Miami Herald reported in August that 20 of the top Chinese real estate brokers came to Miami to tour some of the top new projects. They are attracted by the affordability of the properties and value compared to other U.S. markets.
Only 2% of the home sales to international buyers in South Florida last year were to Chinese buyers. Despite this, during that same period Chinese investors spent $27.3 billion across other U.S. markets. Chinese investment has played a major roll in the continuously changing landscapes of New York and San Francisco real estate. China City Construction Co., a Chinese government owned developer, has purchased over $110 million of land in Brickell and Miami Beach. Additionally, Cathay Pacific Airways Ltd. is looking into a larger plane for long-haul flights between Hong Kong and Miami. Officials at Miami International Airport said that the flight could become a reality in the next 2 years.