Chinese Billionaires Buying Up California

Intero Real Estate’s Steve Becerra, represents Chinese buyer on sale of hotels.

Steven Becerra a commercial REALTOR® of Intero Real Estate, Inc. (“Intero”), ranked 13th largest real estate brokerage in the US on the 2012 REAL Trends 500 list, recently represented the buyer of Rockaway Beach’s Best Western Plus Lighthouse Hotel located in Pacifica, CA.  Bought by a Chinese investor for $16 million in cash, this marks the investor’s second multimillion-hotel purchase over the last two years.

Best WesternMr. Becerra also represented this client on their initial U.S. investment last year, of the Crowne Plaza in Burlingame purchase for approximately $30 million. There is also word that this same investor will be looking to purchase another hotel in the LA area sometime next year.

“We’ve been seeing a trend in affluent Chinese buyers purchasing throughout Silicon Valley for quite some time now. Usually they are purchasing for business (owner/user), for an investment, or because they have children going to school locally and most pay in all cash, which in a multiple offer situation usually wins,” says Gino Blefari, President and CEO of Intero Real Estate Services. According to NAR’s reports, over the past year, foreigners made $68.2 billion worth of real estate purchases in the US, 18 percent of which were Chinese.

Becerra, of the Intero Real Estate Services Saratoga office, is no stranger to working with buyers from across the world.  He’s been representing buyers from China for over 10 years.  “From what we’ve experienced, Chinese buyers invest again and again within the same type of real estate, whether that’s commercial or residential, and they aren’t planning to sell anytime soon,” says Becerra.  “They have the cash to spend and the desire to invest it.”