Chinese enjoy real Hawaii
Pacific paradise is experiencing a rapid rise in mainland and HK buyers, writes Peta Tomlinson
The mainland has its "Chinese Hawaii" - the tropical, palm-fringed Hainan Island - but Hongkongers and mainlanders are developing a taste for the real deal. Hawaii is expected to have 96,000 visitors from China this year, and that number is tipped to double by 2015.
As they come, so too they buy - not just souvenirs, but property. According to an analysis of public records by DataQuick, Chinese, including Hongkongers, are now the third-highest foreign buyers of homes in Hawaii, accounting for a 5.7 per cent market share.
The primary object of their desire, and one of the top 10 United States hot spots for foreign buyers, according to property publication Inman News, is Honolulu, the city with the lowest vacancy rate for all housing markets surveyed, at 8.3 per cent.
Local agents, who are winging their way to Hong Kong and mainland cities to woo potential buyers, say the Chinese have recently found Hawaii.
Mei Pang, of Prudential Advantage Realty in Honolulu, began fielding inquiries from Chinese buyers about four years ago. At first, most were only looking at properties as one of their tour activities. This has changed in past two years, though, when Chinese started actively buying.
Shanghai-born Pang, who moved to Hawaii in 1996, says the reasons behind their purchasing decisions vary, but are primarily driven by their travel habits.