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A July survey conducted by FT Confidential, and reported in yesterday’s Financial Times by Sun Yu and Jeremy Grant, revealed that more than 60 percent of wealthy Chinese families plan to increase their overseas investments. With residential property listed as the most popular form of investment, and the U.S. as the destination of choice, Miami broker Peggy Fucci, CEO of OneWorld Properties, and Dan Kodsi, Developer ofParamount Miami Worldcenter are among a number of real estate experts that are already flocking to China, attending real estate expos and meeting with wealthy investors, private banks and attorneys to promote condominium projects.
Kodsi, who is breaking ground next month on PARAMOUNT Miami Worldcenter the 60-story highly-amenitized signature tower of the Miami Worldcenter, is traveling to Shanghai next week along with Fucci to position the project in front of Chinese investors at The Real Deal’s U.S. Real Estate Showcase & Forum in Shanghai on September 10-12. While in China, Kodsi will speak as a panelist to the nascent business of attracting Chinese buyers to Miami and the benefits of EB-5 Visas. This trip marks Fucci’s fifth visit to China where she has already successfully sold 15 residences after presentations in Mainland China and Hong Kong.
Also attending The Real Deal’s U.S. Real Estate Showcase & Forum are: Eliot Spitzer, former New York Governor and head of Spitzer Enterprises; Fredrik Eklund of Douglas Elliman; Nikki Field of Sotheby’s International Realty; Bernardo Fort-Brescia, founder of Arquitectonica; Vanessa Grout, president of CMC Real Estate; Philip Spiegelman, principal of ISG; Tony Cho, CEO of Metro1; and Stephen Owens, president of Swire Properties.
The FT Confidential survey found that 47 percent of high net worth individuals had earmarked more than 30 percent of their assets for investment overseas and 38 percent of respondents revealed their top reason for investment was to gain entry to good schools. The U.S. was the preferred destination for 42 percent of respondents, coming before Hong Kong, Australia, Canada and the UK. Chinese investors currently experiencing turmoil in their domestic real estate market are seeking new ways to invest their equivalent of $1.4 trillion in savings.
“A recent report by UBS and PriceWaterhouseCoopers revealed that a new billionaire was created in China almost every week in the first quarter of 2015, which points to an increased outflow of investment that we must be prepared for,” said Fucci. “The data from the Financial Times survey further substantiates that as many as 460,000 Chinese students went abroad for education in 2014, bolstering that parents could be investing in property in order to ensure their children receive a great education. With our proximity to the University of Miami and Florida International University, locations such as Downtown Miami could see a spike in Chinese residents and we want to be ready.”
The MIAMI Association of Realtors also recently reported that China is the fastest growing segment of South Florida buyers.
PARAMOUNT Miami Worldcenter is comprised of over 500 city and bay-view residences. The expansive residences will range in size from 1,180 to 2,300 square feet, with prices averaging $700 per square foot. The project is slated for occupancy in 2018.
For additional information about PARAMOUNT Miami Worldcenter, call (855) 756-0123, see www.PARAMOUNTmiami.com or visit the sales center at 1010 NE 2nd Ave, Miami, FL 33132.