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THE ASIAN GIANT SETS EYES UPON CANCUN

MEXLAW > MexLaw  > THE ASIAN GIANT SETS EYES UPON CANCUN

THE ASIAN GIANT SETS EYES UPON CANCUN

China is nowadays the  world’s second largest economy,  with over a billion inhabitants. China is an emerging economy with huge potential growth, with a constant upcoming of their middle class, with a bigger and better expenditure capacity every day; these new middle-upper classes wish to get abroad.

 Just as Europe has been one of the main destinations for Chinese tourism, Latin-America has been an attractive pole for Chinese capital investment, partnering with countries such as Mexico, Brazil, Chile, Costa Rica, etc. The number of countries has been significantly increasing and so have the foreign investments, which accounted for $102,890 million USD in 2013, and a yearly 3% growth.

Attracted by the multiple real estate offers in the area, a group of Chinese real estate investors has arrived to Cancun, invited by the Association of Professional realtors after being approached last April at the Chicago’s International Luxury Convention promoted by the Asian Real Estate Association of America.

The purpose of these visits is to increase Chinese investment from a current 3% to a 6% in the Riviera Maya. Huge projects such as Bahia Principe, Mayakoba, and Puerto Cancun with investments greater than a 1000 million USD, have served as a platform to attract Chinese investors who are interested in participating of the local real estate market. WE must not forget that the Mayan Peninsula is one of the world’s tourist destinations with mayor growth in the last 10 years, becoming a perfect target for real estate investors.