More than 70 US real estate companies made their debut at the Beijing Spring Real Estate Trade Fair this week. They were showcasing US properties and hoping to attract some of China's wealthier citizens. This was the first time a US delegation visited China to sell property. With US house prices decreasing and the number of wealthy Chinese people increasing, buying real estate in the US has become a new trend in China.
Everything from private residences to villas, to commercial property and land. Prices range from USD$50000 to over USD$600 million.
Beijing citizens have snapped up hundreds of properties, however, it is important for Chinese investors to be aware of all the rules before making a decision. Whilst there are no legal barriers to buying real estate in the US, you may not be allowed to live in the US.
Enticements such as a "Green Card" are being offered to investors who purchase properties in excess of USD$500000. However, if you are a prospective investor, make sure you check out all the small print to see what the parameters of the deal are. Also, you should be aware that purchasing real estate in the US usually includes much higher fees such as property management fees, maintenance costs and various taxes. These additional costs must all be borne by the investor.
This is a radical change and is probably the first of many such moves by US real estate companies.
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