US developer sees increased demand among rich Chinese
Print Edition
DAVID R. Weinreb is chief executive officer of Howard Hughes Corp, a Texas-headquartered real estate giant traded on the New York Stock Exchange, with market cap of more than US$5 billion. With US$2.5 billion of developments under construction, the company is primarily focused on strengthening its presence in core markets.
Weinreb makes frequent trips to the Chinese mainland to promote the company to an increasing number of Chinese high-net-worth individuals interested in investing in real estate around the world.
In his most recent trip to Beijing and Shanghai last month, he was scheduled to sit down with Shanghai Daily for a face-to-fact interview, but that was canceled because of a flight delay and severe traffic jams. Instead, he agreed to answer questions via e-mail about his views on property trends in the US, the role Chinese play in overseas real estate investment and his impressions of China’s property market.
Q: What major trends do you see in the US and global property markets?
A: As the global markets show increased volatility, real estate in the US has become a more attractive asset class and investment opportunity, particularly for buyers from Asia and China. Additionally, the US economy has shown strong growth fundamentals in most core markets. We have seen especially strong growth in the real estate markets of gateway cities that have attracted higher amounts of foreign capital.
Q: What do you think about the trend of Chinese investing in real estate in the US and other overseas markets? Compared with other international markets, what are the key selling points of real estate in the US?
A: We have seen increased demand for real estate in the US among wealthy Chinese, and this appears to be primarily driven by a few key factors, such as market stability, education for children, and lifestyles of clean air and safety, and in the case of Honolulu, natural beauty.
We have one of the premier master planned community portfolios in the US and one of our largest developments is Ward Village.
It is a neighborhood that offers a unique lifestyle due to the carefully curated mix of top design, retail experience, public spaces and overall sense of place.
Q: Will you be seeking opportunities to forge ties with Chinese developers and companies for future cooperation?
A: While we are not actively looking to expand into China, we are open to assessing relevant opportunities.
It is also worth mentioning that since real estate is a local business, we would only enter a new country if we had a strong local partner.
Q: How frequently do you visit China? What impressed you most on your latest trip to Beijing and Shanghai?
A: I travel to China on business about three to four times a year.
My first trip to China was in January 2008 and I continue to be impressed each time I return by the incredible growth in this country. Every time I visit, it feels like the skyline is changing.
Q: How do you expect sales to Chinese mainland buyers to grow over the next couple of years?
A: China is one of the more dynamic markets in the world right now for international property investment as many individuals look to spend more time overseas and invest in real estate outside of China. We view the Chinese market as a key one for us in our future phases at Ward Village.
Q: What is your outlook on China’s commercial and residential real estate markets? Do you see any bubbles?
A: I am not an expert on China’s real estate markets but I have noticed that residential real estate prices in the Chinese mainland and Hong Kong are quite high relative to incomes and this is another reason that US property is especially attractive to wealthy Chinese.
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