Miami Condos Want to Coax Chinese Capital
Chinese investors are noted for their interest in West Coast markets, but Miami's now on their radar. The Miami-based Rubin Group's Han Cheng Jeng Fu tells us that's why the company, a part of Douglas Elliman, is expanding its efforts in China. For one thing, they're looking for good value. "The price of Miami real estate remains substantially less, on a price per square foot basis, than the major cities on the West Coast," Han says. The Rubin Group recently tapped Han, who's snapped here with US Labor Secretary Elaine Chao, as the director of luxury sales for his strong connections in China. He comes to the position as current chairman of Red Rock Asian Capital Investor Group; at the Rubin Group, he will market Miami real estate to Chinese high net worth individuals.
Knight Frank's most recent Wealth Report ranked Miami as the No. 6 most important city in the world to ultra high net worth individuals. "When compared to major cities on the West Coast, such as Los Angeles or San Francisco, which came in at 19 and 22, respectively, it isn't hard to see the value in Miami," Han notes. His recruitment is part of a larger effort to market Miami properties to the Chinese. This spring, for example, several Miami condo buildings sent representatives to the Beijing Luxury Property Show, which attracted more than 5,200 high net worth Chinese to look at international properties.