Ni Hao, Eastside! Economic trade winds for the Seattle metro area are looking better for Asian markets as Chinese investors and visitors prepare to take advantage of Obama’s new visa extension announced today in Beijing at the Asia-Pacific Economic Cooperation Forum. China and the United States agreed to significantly extend short-term visas between the countries, which are respectively the first and second largest economies in the world. The agreement commences on November 12 allowing multiple entry short-term tourist and business visas to extend from just one year to 10 years. Likewise, student visas would be extended from one year to five years. The impact of these polices adds more fuel to the fire that when it comes to Chinese interest in the region, “we haven’t seen anything yet”, as quoted by the Puget Sound Business Journal.
“Obama’s proclamation is yet another harbinger for Chinese nationals to target the Pacific Northwest for education, immigration and investment,” said Dean Jones, President & CEO of Realogics Sotheby’s International Realty. “We are downstream from what I believe will be a steady flow of housing demand stemming from China akin to what we’ve all seen before in Vancouver, BC, San Francisco and Los Angeles. Now the current is flowing into Seattle given our proximity, prosperity and propensity for capital appreciation – we’re the next market on the rise.”
Eastern investors have discovered the attractive Pacific Northwest lifestyle: renowned schools, cultural sites, pristine environment, and relative affordability compared to other West Coast cities. Obama made the transition process for business and personal travel easier by saying, “the US welcomes the rise of a prosperous, peaceful and stable China.” This initiative is meant to strengthen relations between the two countries, and the projected outcome is a US economic boost of billions in tourism and investment funds by 2021.
Seattle, Washington is actually closer to Asia than it is to Mexico. The market has been booming for years, and RSIR is blazing the trail between the two countries announcing recently the global network has opened its first affiliate in mainland China with Beijing Sotheby’s International Realty. Two years of business connections already exist between these networks, and RSIR expects a rise of home purchases in the region due to this substantial change in international protocol. Delta Air Lines applauded President Obama‘s efforts, expecting the move to bring in billions for the airline business. As mentioned in Reuters, these changes already mark a spike in jobs expected to grow by over 400,000. Chinese tourists are predicted to be the largest foreign overseas visitors. Restaurants in Seattle are printing Mandarin menus to accommodate the expected influx, as stated in the Puget Sound Business Journal.
Events showcasing the increasing East/West connections made by Realogics Sotheby’s International Realty include:
“Washington’s economic prosperity without an income tax is just another reason we’re known as the Evergreen State,” muses Jones.