The 11th Annual Overseas Property & Immigration & Investment Exhibition was conducted in Shanghai this past weekend. A contingent of Mandarin-speaking agents from Orange County had a display booth, where they included three of my listings among their offerings. They had hoped to make deals on the spot!
It turned out to be a ‘huge disappointment’.
My guy said they hit the ‘perfect storm’ of variables:
- The Chinese government has clamped down on money flowing out of China, and the majority of people who came to the expo were wondering just how to get their money out of the country, let alone buying properties.
- One month ago, the Chinese government also lowered the down payment required to buy local properties, which is fueling a resurgence of real estate investment there.
- The currency exchange rate is going in the wrong direction.
He only got two leads out of it, one for Boston, and one for Houston properties. It’s a long ways to go for a couple of out-of-state possibilities!
He said the best hope going forward was for selling lower-cost properties, like condos for kids around major universities.
That doesn’t look like it will help Nat Bosa and the new Pacific Gate development downtown…they are shooting for $1200-1400 sq. ft.
I didn’t see it before and definitely not now after reading this.