Courting the Chinese Buyer
June 27, 2012 - United States
A new wave of buyers from China is snapping up luxury properties across the U.S., injecting billions of dollars into the country's residential-real-estate market.
The industry is scrambling to court the new buyers. Some developers of new projects are installing wok kitchens, following feng shui principles and putting lucky numbers on choice units; others are packaging property sales with government programs designed to encourage foreign investment.
Real-estate agencies are flying representatives to China, and hiring Mandarin-speaking agents.
Last month, a Chinese couple paid $34.5 million for a Versailles-style mansion on Sunset Boulevard in Beverly Hills, Calif. A year earlier, a Hong Kong businessman paid around $28 million for a nearby estate.
Over the last six months in New York, several full-floor apartments in a new Manhattan high-rise called One57, each with a price tag of roughly $50 million, have gone into contract with Chinese buyers.
In a nod to Asian buyers, the building put many of its most luxurious full-floor apartments on the 80th through 88th floors-a clever way to appeal to the Chinese belief that eight is the luckiest number. Apartment 88 is under contract to a Chinese buyer for around $50 million.
Read the rest of the story @ WSJ
blog, Luxury Properties, Chinese investors, luxury real estate, Chinese Millionaires