November 4th, 2015 4:30 PM by Nour Ailan
Central Bank is moving forward with capital markets reforms that could
make it easier for Chinese citizens to invest in South Floridareal
The country’s monetary policymakers announced on
Friday they may soon allow residents of a Shanghai free-trade zone to
buy overseas assets directly – a trial run for the rest of China and
part of a broader effort to loosen capital controls.
would also open up Yuan-denominated bonds to foreign companies. Chinese
citizens currently face tight limits on the amount of money they can
invest abroad. Those looking to convert funds from Yuan into Dollars to
buy, say, an apartment in Brickell, often have to do so through
companies or by smuggling cash to Hong Kong.
comes despite an uptick in capital outflows from China in recent months,
which would normally provide an incentive to tighten capital controls.
September alone, investors pulled $194 billion from the country,
according to Bloomberg. “A lot of people suggested that if the economy
slows, if there’s more volatility, the Chinese will drop the reforms,”
Andy Rothman, an investment strategist at fund manager Matthews Asia,
“I don’t think that’s the way the Chinese
government views it. They are not worried about the scale of the
outflows.” ISG World, an Aventura-based brokerage, recently partnered
with one of China’s top real estate firms that has more than 60,000
agents spread throughout 17 cities.
It’s the latest move in
Miami’s real estate market, where eyes have turned to Asia now that a
strengthening U.S. dollar has sapped the energy of South American