Illinois listings have made their way to China, and it’s helping drive buyer interest, a new report from Juwai found.
Juwai.com is China’s biggest international listing portal, with more than 2.5 million property listings across 89 countries. The website launched in 2011, and in that time, the U.S. has become a preferred market for the Chinese. From 2010 to 2015, Chinese buyers invested more than $300 billion in U.S. residential real estate and mortgage-backed securities, according to a report by the Rosen Consulting Group and the Asia Society. And despite China’s economic problems, its investment in U.S. real estate is expected to double by 2020.
Juwai gets its U.S. listings through a series of strategic partnerships.
“We have parternships directly with real estate agents, agencies, and agent networks, as well as developers,” said Dave Platter, Juwai’s head of global communications. “We also have a partnership with ListHub, which provides the platform that supports MLSs, franchises, brokers, agents, and more.”
These partnerships have increased Chinese interest in Illinois’s residential real estate market, Juwai’s report showed, with education prevailing as the No. 1 motivator for purchasing.
From 2014 to 2015, monthly views of Illinois real estate by Juwai users increased 16.2 percent, while enquiries for the year skyrocketed 200 percent – building on the huge 158-percent growth recorded the year prior.
With interest in the U.S.’s real estate market expected to double over the next five years, Illinois, and particularly Chicago, agents should be prepared to handle the influx.