The Beverly Hills, California-based luxury real estate firm of Hilton & Hyland has developed an innovative way to connect with homebuyers in China looking to purchase luxury real estate in the Los Angeles area.
The firm launched a streaming video on Youku – what some have dubbed the “Chinese Massage version of YouTube” http://v.youku.com/v_show/id_XMzQ0NDIwNTcy.html, to provide the country’s consumers with monthly market updates about ultra-luxury homes in the most desirable parts ofLos Angeles. The English Web site is http://lafivemillionplus.com/. An accompanying Chinese language site, LAHaozhai.com, is slated to launch in February 2012.
“Home prices in Los Angeles’ exclusive neighborhoods, such as Beverly Hills, Beverly Hills Post Office, Holmby Hills, Bel Air, Brentwood, Malibu and more are the lowest they’ve been in nearly a decade,” said veteran REALTOR® Rodrigo Iglesias, who is spearheading the project. “It’s a great window of opportunity for international buyers.”
The Youku streaming video is a marketing breakthrough, added Iglesias, considering China once banned consumers from the entire YouTube site. In an effort to stimulate the housing market, Congress is also considering legislation that would grant visas to international buyers who spend more than $500,000 on a residential property in the U.S.
U.S. Citizenship and Immigration Services currently administers the Immigrant Investor Program, also known as “EB-5.” The program provides visas to foreigners who invest in approved real estate developments and other businesses that create at least 10 jobs in the U.S. Visas can eventually turn into green cards and permanent resident status.
The market reports have already gained popularity on a variety of social networking sites and Christie’s International Real Estate Network. Iglesias presented the updates for a week last summer at The Blue Marlin in Ibiza, Spain – one of the most sophisticated beach clubs in Europe.
Marketwatch/Wall Street Journal: