A recent report from Investorist shows that Chinese outbound property investment is a big force in U.S. real estate.
These investors are driven by a desire to diversify their wealth, protect generational wealth by investing outside of China and seek better educational opportunities for their children. The report, China 2017 International Property Outlook, highlighted the increased focus on Chinese investments in U.S. real estate, skyrocketing from $600 million in 2009 to $33 billion in 2016.
Investorist revealed that Miami has a high level level of activity from Chinese investors — second only to Los Angeles — who are drawn to the city’s rising land values, reputation as a major financial hub and an increased interest from Chinese students to attend the University of Miami.
The flurry of investments here is spurred by an increase in promotion, marketing and education by Miami developments and construction companies, according to the report. Investors in Miami real estate are most interested in condominiums and single-family homes from $300,000 to $700,000.
The fairly sudden popularity of the city has spurred the development of two new Chinatowns in the metro area, in North Miami and North Miami Beach. Conceptual drawings for the North Miami development show influence from the Ming Dynasty and include pedestrian walkways, canals, parks and green spaces, bike lanes and rooftop gardens, as well as a central park, according to a Miami Herald report. The development is estimated to be finished by 2037.