For their children's education, Chinese buyers prefer school properties. Those close to a good elementary, middle/high school, or a university command a premium that may be 2 or 3 times regular properties. That is why owning a school property is considered a coveted social status among many parents. By comparison, school properties in the US are considerably more attractive, as they can be purchased at a 30% premium over regular ones.
Another important consideration for Chinese buyers is the property's ability to hedge against inflation. Properties, especially new properties with updated designs that attract high rents, tend to have the ability of producing steady income.
In the last 10 years, people have witnessed the rapid depreciation of automobiles, cell phones, stereo, entertainment and other technology products. However, income-producing properties have held value relatively well, especially those newly constructed properties near central business districts or school locations.
Those properties constructed 20 or 30 years ago have less remaining land use leases, which normally run 70 years from the date of construction for a residential property and 50 years for a commercial property. In a number of Southern Chinese cities, properties have land leases as short as 30 years, which creates uncertainty for property owners.
Additionally, these older properties are often situated in"Open neighborhoods", which have few if any parking, not to mention underground parking. In addition to less than optimal interior and exterior designs, they are typically 5-6 story buildings and most do not have elevators. In such properties, residents use walkup stairs, which is difficult for the elderly and deliveries. When it comes to sales transactions, older properties often have complicated sale procedures, which require detailed and sometimes multiple ownership certifications. For these reasons, some banks in China are reluctant to provide financing for properties constructed 30 years ago.
New properties usually are situated in gated neighborhoods, and most are equipped with elevators. New properties tend to have modern interior/exterior designs which provide more comfortable living. Better security, underground parking and property maintenance services associated with these new properties attract high-income tenants. New properties with large kitchens, great lighting and ventilated bathrooms attract more tenants, especially international tenants.
For the above reasons, Chinese buyers property preference has become a benchmark for their hunt for US properties. JinList.com specializes in marketing US properties to Chinese preferences.
JinList.com features brand new US properties including condominiums such as The Beacon at Garvies Point. The Beacon is built and managed by RXR Realty, which is a major real estate developer that manages 61 commercial real estate properties and investments with an aggregate gross asset value of $18.5 billion. Its assets comprise approximately 24.4 million square feet of commercial properties, inclusive of a multi-family residential portfolio of approximately 2,600 units under operation, and control of development rights for an additional approximately 3,700 multi-family and for sale units in the New York Metropolitan area.
In addition to breath taking water views, the new condominiums at Garvies Point offer the latest designs. From high ceiling entrance hallways, to spacious and classically contemporary one, two and three bedrooms. These properties offer modern layouts, generous ceiling heights and 8-foot windows overlooking the Glen Cove creek, Garvies Point Preserve and the Long Island Sound. Master bathrooms will include KOHLER brand products, large soaking tubs, Italian cabinetry, and a mix of marble and porcelain flooring and countertops.
To learn more about Beacon at Garvies Point and additional real estate properties that offer modern designs, within easy distance to major metro cities and healthy green surroundings, visit JinList.com.
Read More