Real Estate News

Miami real estate brokers make pitch to China

In this photo taken May 9, 2015. visitors leave after a multimedia show at the New Yuanmingyuan, a newly-built replica of Beijing's Old Summer Palace which was looted and destroyed by French and British forces in 1860, in Hengdian township of Dongyang city in east China's Zhejiang province. Hengdian Studios built the 30 billion yuan ($5 billion) film set of what it says the 3.5 square kilometer (1.35 sq. mile) palace grounds in Beijing looked like before they were razed and left in ruins by foreign forces more than 150 years ago.
In this photo taken May 9, 2015. visitors leave after a multimedia show at the New Yuanmingyuan, a newly-built replica of Beijing's Old Summer Palace which was looted and destroyed by French and British forces in 1860, in Hengdian township of Dongyang city in east China's Zhejiang province. Hengdian Studios built the 30 billion yuan ($5 billion) film set of what it says the 3.5 square kilometer (1.35 sq. mile) palace grounds in Beijing looked like before they were razed and left in ruins by foreign forces more than 150 years ago. AP

A delegation of South Florida real estate brokers traveled to Beijing last month hoping to raise interest from wealthy Chinese buyers at a luxury real estate conference.

Developers and brokers are turning to buyers from other countries, including China, as a Latin American currency crisis slows the cruciall flow of foreign cash that drives Miami’s real estate market. Last year, a Chinese investor paid $74.7 million for a 2.4-acre site in Brickell.

“The presence of Chinese buyers in South Florida is definitely growing,” said Christopher Zoller, president of the Miami Association of Realtors residential division, who attended the showcase. “South Florida has long led the nation in international real estate sales, and we feel very strongly that China, the world’s most populated country, will only increase Miami real estate sales to foreign buyers.”

Chinese buyers make up a tiny fraction of international buyers in South Florida — just two percent in 2014, according to a report by the National Association of Realtors. But that number has doubled since 2012.

The South Florida delegation was led by Teresa King Kinney, CEO of the Miami Association of Realtors.

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