Results 1 to 2 of 2

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

  1. #1
    Senior Member JohnDoe2's Avatar
    Join Date
    Aug 2008
    PARADISE (San Diego)

    Chinese investors flood Bellevue, Seattle with big money

    Chinese investors flood Bellevue, Seattle with big money

    KING 5's Chris Daniels reports.
    8:06 p.m. PDT June 11, 2015

    (Photo: Chris Daniels, KING)

    SEATTLE -- The sun shines bright, and the waves crash at the boat cruising through Lake Washington. Dean Jones brings the motor to a halt, and coasts along the shoreline.

    "That just entered the market at just over 10 million dollars," said Jones as he points and the boat sails along. "That one sold for about $8 million."

    He's also blunt about who is buying.

    "(It's) largely driven by overseas demand," said Jones, who owns the Realogics Sotheby branch in Kirkland.

    It's why his firm has also started doing what he calls "Float-Pen Houses" for Chinese clients.

    The residential real estate push comes as Chinese firms continue to buy up commercial properties around the region.

    Recently, a Hong Kong firm entered into an agreement to buy Seattle's largest office tower: The Columbia Center.

    In Bellevue, Plus Investment USA paid $30 million for the First Congressional Church property at NE 8th and 108th, and dropped another $45.9 million in February for the neighboring property at NE 8th, between 108th, and 110th. It plans to build two residential towers on the property.

    Another Chinese firm paid $13.1 million in April for a spot between NE 10th and 102nd and 103rd. It intends to build three bedroom condos, for "multi generational and extended families," according to Bellevue City leaders.

    Bellevue College is also building 350 units for $44 million, to accommodate the rising international population, especially from China.

    What's driving this boom?

    "The middle class (in China) standard of living is going high,"
    said Martha Lee, of the Greater Seattle Chinese Chamber of Commerce. "It's a massive change that's going to take place," she says.

    Lee also points to a 2013 romantic comedy "Beijing meets Seattle" for pushing Chinese nationals to visit and buy in the region.

    "It grossed 85 million in China, really put Seattle on the map," she said.

    Lee and the real estate agents also say Canada's tightened immigration laws have pushed Chinese investors to look elsewhere in the last year.

    "Their immigration policies have changed so it's not so easy to immigrate to Vancouver anymore, but US immigration policy -- you've heard of EB-5 -- is still favorable to the Chinese," says Mei Yang, agent for Realogics Sotheby's.

    She's part of the special "global" office within the Kirkland branch, which includes a tea room and other amenities to cater to clients from the Far East.

    She also says the clean air has helped her sell clients.

    "(My client) says, 'Mei, I feel drunk.' I say, 'What do you mean?

    Have you been drinking?' He says, 'Too much oxygen here.'

    So we don't realize it; we take it from granted," said Yang.

    Agent Shensheng Wang was helping her client look at a Kirkland waterfront home on Wednesday, also said the exchange rate is a factor.

    "(You) compare with China market. Here is $4 million. There it could can only buy condo, not mansion house," she said.

    Jones says he'll likely continue these "float-pen" houses for the foreseeable future.

    "Waterfront is largely unattainable in China," he said. And here "it's actually affordable, compared to other west coast markets."


    Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.

    Sign in and post comments here.

    Please support our fight against illegal immigration by joining ALIPAC's email alerts here

  2. #2
    Administrator ALIPAC's Avatar
    Join Date
    Nov 2004
    Gheen, Minnesota, United States
    China is manipulating currencies so their citizens and companies can buy up the America they are draining through economic warfare. They plan to flood us with their citizens and then use their illegal alien army to throw the balance of us elections to the socialists forevermore.

    Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)

Similar Threads

  1. Chinese Investors Snap Up Property in Bankrupt Detroit
    By JohnDoe2 in forum Other Topics News and Issues
    Replies: 0
    Last Post: 11-22-2014, 01:49 PM
  2. Chinese investors 'buying' US green cards for $1 MILLION
    By JohnDoe2 in forum illegal immigration News Stories & Reports
    Replies: 1
    Last Post: 12-18-2013, 06:28 PM
  3. Investors Flood Out of Money Markets, Banks
    By LawEnforcer in forum Other Topics News and Issues
    Replies: 4
    Last Post: 09-17-2008, 08:25 PM
  4. Illegal Immigrants Flood Seattle's Streets on Monday
    By concernedmother in forum illegal immigration News Stories & Reports
    Replies: 0
    Last Post: 04-12-2006, 12:09 AM
  5. 22 Chinese Stowaways Found at Cargo Facility in Seattle
    By Brian503a in forum illegal immigration News Stories & Reports
    Replies: 0
    Last Post: 04-06-2006, 08:35 PM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts