A slowdown in the Chinese economy is not all gloom and doom news for what has become a significant contributor to the United States housing market's first leg of recovery.
Worldwide demand for goods may have dropped off as a result of China's slow-patch, but laws regarding property--or the fact that the government may seize people's private property with little or no notice--has become a motivator for Chinese people to move resources into U.S. property markets, a "safe haven," so to speak.
Here, Wall Street Journal staffers Eliot Brown and Esther Fung report that Chinese construction and real estate development companies have begun strategically courting Chinese customers for some of their big U.S.-based projects. Brown and Fung write:
The extent to which these developers are counting on Chinese buyers varies by project, and some rely almost exclusively on U.S. buyers. But in many projects Chinese make up a third or more of the buyers, particularly when condo units are priced competitively to cities like Shanghai, fetching up to $1.5 million to $2 million apiece, brokers say.