Chinese invest billions in Dallas-area real estate

Frank Zaccanelli, a partner with Centurion American Development Group with residential and commercial projects in North Texas, has made three trips to China. It is not the only local real estate company aiming to attract Chinese capital. Chinese investment is funding everything from apartments to single-family houses in downdown Dallas. Chris Colombe, MD of apartment broker ARA, estimates one third of his $550 million transaction in the last 90 days come from China. Data shows Chinese investors are the top foreign player in US hotel acquisition deals and office market. The traditional gateway cities that are favored by Chinese buyers see skyrocketing property prices and fewer opportunities to buy. This is one of the reasons why Chinese people move to Dallas to source deals. Dallas property market was favored by Canadian buyers, and then Japanese investors, followed by Germans and other European investors. Now we see enthusiasm from Chinese people. Read more at the Dallas Morning News.