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Texas City Attracts Chinese Investments
Brief:Nowadays,Chinese investors are seeking better bargains in American cities, besides expensive San Francisco and New York. Houston, Texas, is drawing Chinese investors' interest.
Chinese investors these days are seeking better bargains in American cities, besides expensive San Francisco and New York. Houston, Texas, is drawing in millions of dollars in foreign real estate investment especially from Asia.

According to the U.S. Census Bureau, Houston, Texas, has grown faster than any other American city and the proof is in the skyline.

"We have more work right now than we've ever had in our 107 year history," said Tadd Tellepsen, Tellepsen Construction.

Tadd Tellepsen of Tellepsen Construction says Houston has already financed building projects with around 10 billion dollars in bonds-and foreign investment is pouring in, too.

Eb-5 - the visa for investment program popular with wealthy Chinese - built this high-rise apartment building and one other tower nearby.

"These foreign investors have their eyes on Houston. Houston is still relatively affordable on a real estate perspective," Tadd said.

Realtor, Cheri Fama says Chinese buyers have noticed.

"I think they're seeing a wonderful place to park their money so to speak, bringing their money out of China, looking for good investments and the mix and diversification of being in Houston and Texas too are great," said Cheri Fama, John Dougherty Realtors.

Compared to other major metropolitan areas in the US, median housing prices here in Houston are still pretty affordable, coming in at just half of what you'd pay in NY, and a quarter of what you'd pay in San Francisco, and realtors here say Chinese buyers are also looking for high-rises and plenty of green space.

"They have outdoor areas, outdoor kitchens, pools, putting greens, playgrounds for children, and that doesn't happen in high rise living density that they're used to," Cheri Fama said.

Cheri says the firm has seen commercial investors become home buyers as they try to replace a hotel stay...with a more permanent option.

"The action and activity makes them understand people are investing here for a reason. and it's because it's solid, it's stable," Cheri Fama said.

What's more, they'll find a vibrant Chinese community when they arrive which will help them acclimate.

"As they all have children, as they start sending their kids to Chinese language schools, sending their children to learn piano or to dance, and i'm stereotyping, but a lot of parents do that," said Debbie Chen, Org. of Chinese Americans, Greater Houston.

Which is why Cheri Fama isn't just trying to sell a property to foreign buyers. She says she selling a long-term investment in Houston.


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