China's Investment in Florida Grows as Chinese Investors Appreciate Miami and South Florida Real Estate Investment Possibilities
China's investment in Florida may not be as high as that of other foreign investors (Canada, Brazil, Mexico, Argentina, Great Britain, to name a few) but that looks to be changing. This week, an article in the Wall Street Journal reports that a Chinese company, Xinjuan Real Estate Company, is developing residential property here in the United States, meeting the needs and wants of Chinese investors looking to buy American residences (apartments).
For many, that translates into inevitable Chinese investment in Florida residential real estate, since some industry insiders are opining that Miami is the "hottest" residential real estate market in the country right now. (So said Stephen Ross of Related Cos. at the November 2012 Bloomberg Commercial Real Estate Conference.)
Chinese investment in Florida real estate isn't a new thought to many here in Florida. For awhile now, there have been many people working hard to interest Chinese investors into bringing their investment money here to the Sunshine State.
Last month, we wrote about the EB-5 Visa had provided incentive to a group of Chinese investors who are planning to invest over $90 million in Florida charter schools in 2013. However, the EB-5 Visa isn't the only flag being waved at China investment circles from Florida.
Real estate investment here in Florida has been marketed to China for awhile now, and these efforts seem to be flourishing:
- There is talk that Chinese investment money will be creating a Chinatown in Jacksonville, helping to bring its downtown area back to life.
- A Chinese investor from Shanghai bought 17 apartments in the Artech back in Fall 2010 here in Miami, and another Shanghai investor chose to buy a golf resort residence in Fort Myers after a friend, also from Shanghai, had done so. He plans on retiring here.
- Florida developer Jerry Kaufman is targeting Chinese investors in his Miami condominium development, the St. Tropez, and reported back in June 2012 he already had 20 Chinese buyers moving their families into condos there.
- Kaufman also has plans to build a trade-free zone in Miami which he would call "New China," with restaurants, shops, hotels, and the like -- all geared to the Chinese resident or visitor and built in part by Chinese investors.
- In October 2012, Florida Governor Rick Scott met with 25 Chinese investors who were checking out Florida as part of "US-China Investment Week." Governor Scott flew to Dallas for the meeting, where other states - like Texas and Wisconsin - also promoted investment in their respective states to these Chinese investors.