According to a recent Hurun Report and a CNBC news article follow-up, “half of Chinese millionaires are considering moving overseas, and the U.S. remains their favorite destination.” Potential buyers surveyed say education and living environments are top considerations, and rank Seattle as the second top destination city for home purchases. To be sure, Seattle has arrived as a global gateway city, as an increasing number of Chinese millionaires look for a financial safe harbor in U.S. real estate to shield them from the devaluation of the yuan.
As the CNBC report outlines, foreign investment is not likely to decrease anytime soon, as “the Trump administration’s restrictions on immigration have not touched the EB-5 program, a favorite of wealthy Chinese that allows them a path to citizenship in the U.S. in exchange for an investment in property of $500,000.”
A report from the Migration Policy Institute (MPI) outlining Chinese migration from 2011 to 2015 indicates that King County welcomed nearly 53,000 new resident immigrants from China, a number only 10.8 percent less than those estimated to have been received during the same period for the state of California.
“The Chinese investment trend continues and recent surveys suggest it’s only going to grow further,” said Dean Jones, President & CEO of Realogics Sotheby’s International Realty (RSIR).
RSIR has been tracking shifts in overseas buyers for years, launching the Asia Services Group in 2014, an East Meets West documentary in 2015, and a WeChat channel and the all-Mandarin Seattle Luxury Living magazine in 2016. In 2016, at least thirty of RSIR’s million-dollar home sales went to Chinese buyers, but even more notably, all of the firm’s top sales in Eastside neighborhoods were to inbound Chinese. At least five of these transactions recorded new benchmark values paid within those submarkets.
See what Chinese clients are saying...I'd be happy to help you.
第一次跟Aaron 看房是去年,刚过聖誕节后的一天，找了幾个中介都要往后幾天才能安排看房，只有Aaron 能當天安排，房源不多，他也尽量找了好幾个賣盘给我们看，非常勤奋。
The first time Aaron showed me homes was last year. We contacted several agents; but none of them were able to make any arrangements until days later, as it was the day after Christmas. Aaron was the only agent who managed to arrange showings, even though his resources were limited for the same reason. He worked very hard and tried his best to show us as many houses as possible.
We met Aaron again in March for a much more urgent search for a house, as we needed to find a place for our son to live in. With Aaron's help, we were able to find a house we wanted and closed the deal in four days. We had zero knowledge of the procedure for homebuying transactions in the U.S., and Aaron’s assistance was really helpful and appreciated. He listened to our needs, and secured the right house for us in a short time. He has strong ability to follow through and is an excellent real estate agent in Seattle. We certainly recommend him.
- Yee Shan Koh