US Developers Marketing Property to Mainland Chinese
A Beijing property exhibition has attracted 76 US property developers looking to move product despite the economic downturn and severely depressed domestic housing market. With more then 7000 prospective clients, over 500 of them signed reservations for units. The Chinese buyers said their primary motivation was for investment and also possible migration to the US at some later date.
One attractive aspect of the market is that financing in many cases is still available for international buyers. Unlike Thailand where limited leveraging is available and foreign ownership of units restricted to freehold condos or leasehold units. As more markets start to turn their eyes abroad to attract property players, the playing field is becoming more and more crowded and competitive. It remains unknown how the present Thai government is going to react to continued depression of the real estate sector but given declining domestic demand, the country needs to recognize the importance of foreign investment.