The dramatic upward trend in Chinese investment in U.S. real estate – both residential and commercial – is likely to continue, and Miami stands to benefit as the Chinese learn more about the local market, two experts on Asian real estate told a group of professionals in Miami.
Jim Park, national chairman emeritus of the San Diego-based Asian Real Estate Associate of America (AREAA), said that Chinese buyers have been the largest group of international investors in U.S. residential real estate for about three years, surpassing Canadians, who were formerly the leaders. In 2015, for example, China accounted for $28.6 billion in residential purchases, compared to $11.2 billion for Canada, according to figures from a comprehensive report done by the Asia Society and the Rosen Consulting Group.
He spoke before more than 125 real estate professionals at an event in Miami on Wednesday organized by the Miami chapter of AREAA. The event is part of a nationwide educational effort leading up to AREAA’s Global Luxury Summit scheduled for April this year in Miami.