As New York City undergoes a major real estate development phase with new majestic buildings that offer celebrity-esque amenities, a surge of wealthy investors and transplants are migrating from China to live in the epicenter of American society.
In mid September of 2015, The Real Deal magazine covered its first U.S. Real Estate Showcase and Forum event in the beautiful Chinese city of Shanghai. The event attracted over 6,000 participants who were eager to attend workshops, panel discussions and networking meetings. The three day convention targeted Chinese investors because they represent a burgeoning segment of international investors who are purchasing a lot of U.S. real estate. Industry analysts have calculated that Chinese investors have purchased over $28 billion worth of U.S. property in 2014.
The Real Deal convention was designed to bridge the gap that exists between American real estate professionals and the Chinese people. The gap does not exist because of language or cultural barriers; rather, the gap exists because of internet restrictions that China enforces on its population. These restrictions present a number of limitations; for example, Chinese residents cannot use the internet to conduct an in-depth market research analysis for available properties and for available real estate professionals nor can they easily research American international real estate laws.
The real estate convention provided an opportunity for prospective Chinese investors to meet with 100 American real estate developers from New York City, San Francisco, Miami and Los Angeles. New York City real estate professionals in particular, made a great impression on the event attendees, for the NYC real estate professionals were able to convey the resiliency of the New York real estate market, which does not experience a drop in transaction activity nor real estate depreciation when financial markets crash.
Some of the New York City real estate representatives that attended the forum, included celebrity broker, Fredrik Eklund, from the TV show Million Dollar Listing New York and Andrew Heiberger who is the co-founder and CEO of the upscale NYC apartments for rent firm Town Residential. Mr. Heiberger educated the prospective buyers about the NYC real estate regulatory policies that are heavily enforced by the New York Real Estate Board and the New York Attorney General’s office. The attendees were presented with valuable information about the different ways the regulatory policies effectively protect international buyers from fraud and predatory real estate practices.
Mr. Heiberger was able to make a positive impression on the attendees, for he is a veteran in the industry, and his company, Town Residential, has effectively prospered within the New York City real estate luxury market. Town Residential boasts an elite clientele, and the company is a major player because it is respected for providing deep market research and analysis for new developments and pre-development planning. Town Residential is also touted as a leader in the New York region for offering breathtaking properties that are available for sale in the prime Manhattan regions and in the flourishing communities that are nestled in Brooklyn and long Island.