New policy changes for Chinese visas went into effect this past November 12th. The agreement made between the US and China made it so 5-year, multi-entry visas can be issued to business travelers and tourists. Prior to this agreement, Chinese citizens had to renew their American business, tourist and student visas annually.
This change was made with the intention of strengthening our economy and our ties with China. US Secretary of Commerce, Penny Pritzker said, “With the help of this change, up to 7.3 million Chinese visitors—more than any other country except Canada and Mexico – are projected to visit the US in 2021, contributing roughly $85 billion per year to the US economy and supporting 440,000 American jobs.”
So what does this change mean for real estate? With China being one of the largest growing sources of international clients for real estate, these new laws will make it easier to mitigate challenges for those investing in property abroad. Many real estate agents are seeing Chinese parents interested in purchasing property for their children studying in the US.
With these new laws in place to help the Chinese purchase property in the US, realtors are bound to see sales and inquiries from this demographic increase in the years to come. The main challenge will be approaching these clients as if they’re first-time homebuyers and assist them and offer as much knowledge as possible during the process. Legally, the process is often not the same in the US as it is when purchasing in their native country. A period of explanation and walking through the steps will be critical when fostering these new relationships.