Chinese investors are looking to put their money into their safety deposit box in the sky, OneWorld Properties President and CEO Peggy Fucci told BloombergBusiness in a TV interview in New York City today.
She said the yuan devaluation has had a very positive impact on Chinese corporations partnering with local developers and investing in real estate in cities including New York, Los Angeles and Miami.
“The U.S. is a safe haven for their money,” said Fucci, who recently traveled to Shanghai for the U.S. Real Estate Showcase and Forum.
Chinese buyers invested $29 billion in U.S. real estate over the last year.
At Paramount Miami Worldcenter downtown, 15 percent of the pre-construction condos sold have gone to Chinese buyers. OneWorld Properties is the exclusive sales team for the project.
The parents are looking for strong educational opportunities for their kids, Fucci added.