With demand growing from Chinese property investors for real estate in Hawaii, USA, and more direct flights opening up, one Maui agent is hosting representatives who cover thousands of agencies in China
More Chinese property professionals are coming to Hawaii, USA, to check out the property sector, as sales take off and new direct flights open up between the two.
Leading agency, Wailea Realty Corp, is hosting representatives from two associations and six agents/brokers that between them are responsible for thousands of offices across China.
Bruce McDonald Realtor-Broker, MBA at Wailea Realty Corp, in Maui, says, “We just entertained a group of China-based realtor-broker /owners, probably responsible for at least 1000++ offices throughout China.
“They are discovering us as we now have six direct weekly flights between Beijing and Oahu, two weekly direct between Shanghai and Oahu… they are coming and discovering our grossly undervalued real estate and opportunity.”
Broker/Owner, Tom Tezak, says, “My friends from China just arrived at the Maui Airport they have been traveling all around the country and making Maui their last stop. They are all broker/owners or members of the China Association of Real Estate Brokers. They have been doing a US tour checking out our business models. They will be taking the information back about us real estate for their companies. I met with them last week when I was at the National Association of Realtors annual convention.”
The representatives from six companies and two associations, who have come to Hawaii, are listed on the Wailea Realty Corp blog by Mr Tezak:
- 1. Mr Hu, Jingyang Hu of Beijing, Yijia Real Estate Brokerage, with 240 agents and 20 offices
- 2. Mr Chen, Ning/Mrs Wu, Ying Broker/Owner (Husband/Wife team) of Beijing Yihe Real Estate Brokerage, with 400 agents and 34 offices
- 3. Mr Zheng, Shuquan, of Rufang (China) Real Estate Brokerage – owner of 3,000 offices in 150 cities/regions in China with around 30,000 agents
- 4. Mr Zhao, Ertian, Shijiazhuang Chuanglian Real Estate Brokerage, Broker/Owner, with 500 agents
- 5. Mrs Cui, Ting, Beijing Huaxi Real Estate Brokerage, with 400 agents from 40 offices
- 6. Mrs Li, Yun, Shaanxi Mayan Real Estate Brokerage (Xian, capital of Shaanxi Province)
- Broker/Owner, owns three franchise regions in Shaanxi Province. The parent company, Mayan China Real Estate Group is in 104 regions and has 1,800 offices.
- 7. Mr Wang, Aijing. China Alliance of Real Estate Agencies (CAREA)/China Institute of Real Estate Appraisals and Agencies (CIREA). He is General Secretary of CAREA, a new NAR-like organization of China real estate brokerages and Secretary of CIREA, a government-sponsored organisation of appraisers and brokerages.
- 8. Mr Liu, Yi. CAREA/Beijing Fast Careers Training, Director of Communication and Training for CAREA/Owner of FCT. FCT is the leading executives training body for China real estate brokerage with Executive MBA programs with leading universities in China that invites real estate brokerage leaders and trainers from around the world. FCT is also the training partner of most leading real estate brokerages in China in national real estate agent licensing exams.
In October 2014, real estate sales volumes and prices increased in Hawaii, according to the latest data from the Honolulu Board of Realtors.
Sales of single-family homes rose 2.8% year-on-year and condominium sales by 6.9%. The median price paid for single-family homes in October rose 7.8% annually to US$690,000 and the median price for condominiums increased 8.5% to US$352,750.
Julie Meier, President of the Honolulu Board of Realtors, says, “Condominiums were the hot seller last month, compared to the previous October, with a hefty increase in sales and median price.
“Single family home sales also increased, and the median price, which again is near $700,000, shows demand for housing is still high.”
OPP Connect reported in July how property prices are nearing record highs in Hawaii, drawing in overseas investors from China, other parts of Asia, Canada and Australia.
Asian nations took up four of the top six places of foreign buyers in Hawaii during 2013, according to data from Title Guaranty, the oldest and largest title company in Hawaii.
Canada topped the list with 307 purchases valued at US$244.6million followed by Japan with 249 purchases worth US$189.5million and 21 purchases from Hong Kong worth US$22.2million.
China was fourth, with 21 purchases at US$16.5million, Australia was fifth with 20 sales worth US$21.8million and Singapore at US$10.5million.
By Adrian Bishop, Editor, OPP Connect