With of support of leaders in Beijing, Chinese investors are making their presence known in U.S. commercial and residential real estate markets. The levels of foreign investment are reminiscent of the Japanese buying binge of the 1980s.
"Undaunted by Japan’s real estate misadventures in the 1980s — some Japanese investors wildly overpaid for United States property, and Japan eventually suffered one of the biggest property market collapses in history — Chinese investors are fanning out in the United States," reports Julie Creswell.
"What began with a few isolated purchases two years ago has become a hunt for trophy properties and billion-dollar deals. So far, the kind of fears that arose in the 1980s — unfounded talk that Japan was 'buying up' America — have not surfaced this time. To the contrary, the Chinese, or at least their money, are being welcomed, even celebrated."
"The deals go beyond shimmering glass-and-steel towers: Chinese and Hong Kong investors have also become the second-largest foreign buyers of United States homes, after the Canadians," she adds.
“'They’re just getting started,' said Steve Collins, the international director at Jones Lang LaSalle Capital, a real estate services firm that recently held conferences for potential buyers in Shanghai and Beijing. 'There’s just been some incredible wealth creation there.'”
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