New York Statewide Multiple Listing Service has announced a partnership with Juwai.com, the number one Chinese international property portal, to ensure that real estate agents in the Empire State can accurately and easily market their listings to Chinese buyers.
The MLS estimates that there are approximately 5.8 million residential properties in New York State.
Chinese buyers, according to a recent report from the National Association of Realtors, are the largest foreign buyer group in the USA.
The liberalization of capital controls in China over the next few years, estimates Juwai.com, could bring $110 billion of new Chinese real estate investment to the country.
The United States is the most popular country in the world for Chinese real estate buyers, as measured by user activity on Juwai.com in the second quarter of 2015.
New York State is their third most popular US state – after California and Florida. New York City is the second most popular city in the US.
The top downstate New York destinations for Chinese buyers, in the second quarter of 2015, are New York City, Long Island locations such as the villages of Great Neck and Hudson River municipalities like Nyack.
In upstate New York, topping the ranks are Albany, Rochester, Marcy (home to SUNY Polytechnic Institute) and Buffalo.
Under the terms of the new agreement, NY State MLS listings will be seen on Juwai.com by the portal’s monthly audience of 2.6 million users. The listings will also be available on Juwai.com’s iOS app, the world’s only Chinese-language mobile app for international properties.
The agreement encompasses all of the MLS’s members, in all of the state’s 62 counties, including New York City and Long Island.
Dawn Pfaff, NY State MLS President, said: “Syndicating listings directly to Juwai.com will be a true benefit for our members, because it is the number one source of Chinese buyers.
“We can now ensure our members get this additional exposure for their listings, and that only the most current listing data gets displayed.
“Many agents are hearing directly from sellers that they want their property marketed in China.”
Simon Henry, co-CEO of Juwai.com, said: ”Juwai.com has the largest audience of Chinese property buyers and gives agents the opportunity to reach the largest possible audience – not just in the US, but globally.
“Only on Juwai.com can agents be sure that Chinese buyers can actually see their listings, as our site is hosted not in the US but in China, and thus is not blocked by what’s been called the Great Firewall of China.”
Real estate agents must have a verified free account with Juwai.com to ensure the correct internationalization of their contact information. Agent names and contact details will be displayed on every listing. Listings will be updated daily.