Chinese real estate platform Juwai.com has signed up 10,000 new partners and renewing customers in the US including Berkshire Hathaway, California Desert MLS, Windermere Real Estate, Luxury Portfolio International and Pacific Union.
According to the National Association of Realtors, Chinese purchased $28.6 billion of US real estate last year, accounting for nearly one third of all international sales and exceeding the buying of all other top-five countries — combined
Juwai.com, which showcases 2.5 million listings from 89 countries, says it’s the largest single source of Chinese buyer inquiries for real estate in North America, Europe and Australia.
The company predicts Chinese buying will net new records in the years leading up to 2020, by which time Chinese will be investing a total of $220 billion per year in international real estate.
Even at its new, slower rate of growth, China has one of the fastest growing economies in the world. The Financial Times reports China now has more billionaires than any other country.
Credit Suisse reported in October 2015 that the number of Chinese dollar millionaires is expected to reach 2.3 million by 2020, a 74 per cent increase from today.
Juwai CEO Charles Pittar says Chinese buyers have an almost insatiable appetite for property in the US, which is the destination for more Chinese real estate investment than any other country in the world.
“Buyers’ top three demands are more listings, more listings and more listings," Pittar says.
"With this agreement, we move a long way towards satisfying buyer demand and providing a large number of quality for-sale properties in the areas considered most desirable by Chinese buyers.
“We are honored to be able to help some of the best real estate organizations in the US to increase their deal flow and profitability by working with Chinese buyers,” Pittar adds.
Berkshire Hathaway supports nearly 3,000 sales associates in 60 offices spanning the Central Coast to San Diego.
In 2015, the group presided over total closed sales volume of nearly $12.5 billion for 12,700 customers.
Meanwhile California Desert MLS represents more than 3,000 realtors, commercial practitioners and affiliates throughout the Coachella Valley and Luxury Portfolio annually markets over 50,000 luxury homes to over three million high-net-worth visitors on its website.
Pacific Union is the leading luxury real estate brand in Northern California. It launched a unique China Concierge program in 2013 to meet the needs of the "ever-increasing number of Chinese homebuyers migrating to the Bay Area".
Windermere Real Estate is ranked the largest regional real estate company in the Western US closing over 86,000 sides for more than $31.7 billion in dollar volume.