One Chinese developer is embracing the South Florida market. China City Construction, the Miami Herald reports, has bought a nearly one-acre lot of Miami Beach beachfront for $38.5 million. Last year, the developer purchase a 2.4-acre site in Brickell for $74.7 million. More:Miami Turns East But South is Still King The .98-acre lot’s previous owner, who bought the site in 2010 for $4.6 million, sold the property as it no longer suited their development needs. The seller’s representative, CBRE vice president Robert Taylor described the site in a statement as “the rarest-of-the-rare — an opportunity for a visionary developer to create a prestigious luxury condominium or hotel right on one of the world’s most famous beachfronts.”
With Miami’s pool of international buyers, traditionally from Latin America, shrinking as that region experiences economic struggles, the South Florida real estate industry has looked East, with hopes that Chinese buyers could buoy sales in their well-supplied luxury market. Should a greater share of Miami development come from Chinese backers, will Chinese buyers be far behind? [Miami Herald]