For anyone that wasn’t sure before, it’s now clear that the relationship between Washington State and China is a critical influence on our local economy and the state of the housing market. The recent visit of Chinese President Xi Jinping and the establishment of a Seattle branch office of ICBC (Industrial and Commercial Bank of China) suggests that the Pacific Northwest is poised for “good things to come,” according to the Puget Sound Business Journal.
“We’ve been emphasizing the importance of these Chinese relationships for years,” said Dean Jones, CEO & President of Realogics Sotheby’s International Realty (RSIR). “Now we are seeing that trend become more widespread in our area and RSIR is poised to facilitate the rising trend for Chinese Nationals to invest in both residential and commercial real estate in the area.”
Jones was tapped by the Puget Sound Business Journal in the October 2nd edition in a cover story entitled “Global Buying Power,” which addressed the impact of ICBC arriving to the market. In the article, Jones suggests that foreign dollars are already playing a large role in the development of the city, for both local developers and national groups. He also says that President Xi’s visit “may have been a defining moment for Seattle.”
“Many of the most significant land sales occurring in Seattle, Bellevue and even Tacoma stem from Chinese and Taiwanese capital seeking opportunity and diversification in the Pacific Northwest,” adds Jones. “It’s significantly greater than what’s being reported and based on my observations in both Vancouver and San Francisco, this trend will multiply exponentially in the years to come. We can no longer take a provincial view of our local real estate – we have become a global gateway city.”
To be sure, RSIR has been a leader in monitoring the foreign investment trends and in reaching Chinese homebuyers as acknowledged recently by the global real estate brand.
RSIR helped break the story locally in a King 5 News story back in 2014, when Jones predicted a rise in demand south of the border when Canada suddenly revised its immigration program. Jones responded by establishing RSIR’s Asia Desk, complete with Mandarin-speaking brokers who specialize in working with international clientele. The firm also created a documentary video entitled East Meets West, which captures the many trends that have led to the Seattle/Bellevue metro area becoming preferred as a global city on the rise. RSIR was also pivotal in the establishment of Beijing Sotheby’s International Realty in 2014 – the first affiliated office in Mainland China. The firm has produced unique events such as the Passport to Luxury with the Hong Kong and Greater China Association of Washington and presented to numerous delegations over the years in the US and overseas as an active committee member with the Washington State China Relations Council. Jones has traveled to numerous Luxury Property Shows in China and provided his perspective on market research with insight from The Luxury Lifestyle Report and publications by Wealth-X. He has also established himself as a trusted media contact on these trends, with local and global news contributions including The Wall Street Journal, The Globe and Mail, King 5 TV, The Puget Sound Business Journal and KIRO 7 News, among others.
Following a series of events, from broker trips overseas to the visit of President Xi Jinping of the People’s Republic of China and the announcement of RSIR and Experi’s new “Fly and Buy” luxury travel program, here are the most recent highlights:
On September 22nd, Dean Jones attended a reception and dinner in honor of his Excellency, Xi Jinping, President of the People’s Republic of China, which took stage at The Westin Hotel in downtown Seattle. Jones was a guest of the Washington State China Relations Council, where he is a committee member for both inbound investments and real estate. RSIR broker Andy Yip was also in attendance, as an esteemed member of the firm’s Asia Desk, and the former president of the Hong Kong – Greater China Business Association of Washington in Seattle.
RSIR announced a new “Fly and Buy” luxury tourism program in partnership with Experi Travel and is in development on an exclusive WeeChat app in partnership with SILK Digital to deploy a portal for this preferred communications platform that has more than one billion members, most of whom are Chinese.
Last month, RSIR broker Connie Blumenthal attended The Real Deal’s U.S. Real Estate Showcase in Shanghai. The first US-only industry event ever held in China, the property showcase featured networking opportunities, dynamic panels and workshops, all to provide Chinese investors with the necessary resources to move forward with a real estate purchase in the U.S. About 6,000 real estate investors and professionals attended the conference, which focused on various U.S. markets including New York, Los Angeles, San Francisco, Miami and Seattle.
In late September, RSIR broker Dehlan Gwo attended the Pacific Northwest China Trade & Investment Summit, held at the World Trade Center in Tacoma, Washington. The summit, which was concurrent with the Chinese President Xi Jinping’s visit, featured one-on-one business connections, seminars with expert lectures and resources, information booths and a networking wine tasting and business social. With an emphasis on building bridges between the U.S. and China and highlighting opportunities for immigration and investment, the first day’s theme was “Real Estate & EB-5 Investments” while the second day focused primarily on “Trade Imports & Exports.”
Last month, Rosemary West attended the “Sippin’ Social Industry Mixer,” a networking event put on by AREAA Seattle, at Monsoon in Bellevue. The event provided an opportunity for attendees to indulge in delicious Vietnamese appetizers over drinks and connect with other industry professionals.
Dean and Stacy Jones attended the Mid-Autumn Moon Festival at The Bravern in Bellevue, a celebration with Traditional Chinese Dancing and Music. Sponsored by the Hong Kong and Greater China Association of Washington, Dean Jones spoke about trends for Chinese investment, immigration and tourism following remarks by former Bellevue Mayor Conrad Lee.