(Chinese Version) Chinese has become the largest investors of US properties that exceed Russian in recent year, according to a study. Chinese investors prefer investing in large and bustling places such as New York, San Francisco, and Los Angeles. Recent years, Chicago has been a new place that Chinese investors show their confidence about the prospect of the real estate market after gradually saturated markets in other big cities.
With the release of EB-5 immigrant investor program, Chinese investors seem to be greatly courage to do investment in the real estate market. Compared with other bustling cities, Chicago is under its high way development, which still has enough room for appreciate and to be one of the most valuable places to be invested.
Wanda Vista Tower Chicago is one of the most updated and valuable commercial real estate investment made by Chinese company. This $1 billion project will create at least 2000 jobs and greatly simulate local economy. The tower will be a 350 meters high commercial and residential buildings landmark, including nearly 300 hotel suites, about 400 residential apartments, and will become a third tallest building in Chicago after Wills Tower and the John Hancock Building. Similarly, this hotel development boom has been the main real estate investment comes from China. Those millionaires in China tend to use EB-5 to invest in Chicago’s hotel in order to immigrate. Almost 80% of investors in a big project come from China.
A rapid growth of economy allows Chinese to invest aboard. However, the statement that Chinese people push up U.S prices seems not to be true.
Besides those big hotel projects, several of limitations are exists for Chinese people. High holding costs and maintenance costs for each house prevent foreigners to invest in Chicago. If Chinese only invest real estate for living, visa issue should be considered as well, which should not be a good option. Undeniable, the direct investment from Chinese people has an upward trend in Chicago. Due to many great universities in Chicago such as Northwest University and University of Chicago, many investors are parents who consider their children’s education and invest in real estate, which exactly demonstrate up trend in real estate investment in Chicago.
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