Miami woos Chinese for Property - Rava Realty

Miami woos Chinese for Property

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While Miami may boast a Little Havana , Little Haiti and Espanola Way, it currently doesn’t have a Chinatown. This may change in the future.

In past reports, I’ve written about how Miami is increasingly appealing to Chinese investors and buyers. While Miami still attracts to Latin American buyers who made up 62 percent of purchases last year, led by Venezuelans, Argentines, Brazilians and Colombians, the city is now looking as far as Beijing to sustain the growth.

According to the Miami Association of Realtors, Chinese have become one of the fastest-growing segments of foreign buyers. This trend is only growing. Shan-Jie Li, a developer from the city of Linyi in China’s wintry northeast, aims to make Florida’s most-populous metropolitan area, with its clean beaches and tropical climate, a destination for Chinese property investors.

“We are focused on bringing to Miami the new wave of Chinese who are wealthy and educated,” Li said in a phone interview via a translator. “The environment in Miami makes for a very suitable lifestyle. Playing golf and going to the beach are huge attractions.”

Developers have also begun to woo the Chinese. For instance: NR Investments produced a promotional video in Mandarin to lure Chinese buyers to its Canvas condominium development in an area better known for parking lots and low-rise buildings between downtown and the design district.

Asians Americans were the fastest-growing racial group in the Miami metropolitan area between 2000 and 2010, expanding 47 percent to 158,400 residents — out of 5.6 million — according to U.S. Census Bureau data analyzed by the nonprofit Asian Americans Advancing Justice. The Chinese population, spread through Palm Beach, Broward and Miami-Dade counties, grew 32 percent to 35,700, trailing only Indians among Asian ethnic groups. Foreign-born Chinese grew 67 percent between 2006 and 2010.

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