More San Diego County real estate firms are looking to China.
Windermere Real Estate, Berkshire Hathaway and other big companies have worked out deals with Juwai, a growing Chinese-language website that lists homes from La Jolla to Rancho Santa Fe.
Roughly 3,000 San Diego County properties were listed on the site Monday afternoon, ranging from a $139,000 condo in Carlsbad’s Lakeshore Gardens to a $4.6 million, six-bedroom home in Rancho Santa Fe.
Juwai said it has seen an uptick in business as increasing numbers of Chinese people seek assets tied to the American dollar — especially in Southern California — after the devaluation of Chinese currency and stock market fluctuations.
“There is a demand for San Diego properties,” Matthew Moore, president of Juwai’s North American operation, said Monday. “Our aspiration is to grow the number of listings we have in San Diego.”
Other companies listing San Diego properties on Juwai are Galvin Estates, Sand & Sea Investments, JODI Group, Coldwell Banker and Premier Coastal Realty. A few rental units ended up on the site, as well as land sales.
The financial incentive for local real estate agents, and their sellers, to reach Chinese buyers is significant.
Chinese buyers spent $28.6 billion on residential property in the United States from April 2014 to March 2015, more than any other nationality, according to the National Association of Realtors’ latest foreign-buying report.
Thirty-five percent of those sales were in California, the association said. A new report is expected from the association by mid-summer.
Read more at: http://www.sandiegouniontribune.com/news/2016/may/16/sd-fi-juwai-homes/
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