SILVAR  :  Newsroom  : Real Estate Articles

Real Estate Articles

Chinese learn about real estate and the housing market from Silicon Valley Realtors

Wednesday, December 5, 2012

Much has been written about the growing interest in California property by foreign buyers, especially property in Silicon Valley. The interest became more evident last week with the visit by a delegation of high level Chinese government officials to the Silicon Valley Association of Realtors. The meeting resulted in a fruitful professional exchange between the Chinese officials and Silicon Valley Realtors, regarding the practice of real estate, property taxes, homeownership, and housing development in the area.

Welcoming the delegation from the local trade association were executive officer Paul Cardus, association president Suzanne Yost, and representatives of the association's districts. The Chinese delegation included 10 Chinese government officials from the Department of Housing Reform and Development, Urban Planning, and Central Housing Reform offices from Zhejiang Province, Jiangsu Province, Shanghai and Beijing.

China is an open listing real estate market. Exclusive listings are rare and sellers can list a property with numerous agencies. Chinese real estate agents must complete a licensing course and pass an exam, but local government officials control the licensing process and can offer preferential treatment for some applicants. Through an interpreter Yost explained the California Department of Real Estate requirements for real estate licensees to the Chinese officials, and the difference between a Realtor and a real estate agent, noting Realtors belong to the National Association of Realtors and abide by a code of ethics.

"It was an honor for SILVAR to be chosen to meet with the Chinese delegation. Our local Realtors are critical in helping the foreign buyer navigate our local, state, and federal tax laws, regulations, and requirements when purchasing real property. It was an informative and eye opening exchange," said Yost.

The delegation's visit comes at the heels of the Certified International Property Specialist (CIPS) Institute, a full-week of courses offered by the association and attended by over 30 Realtors from across the country. The CIPS designation earned by the Realtors is designed to equip them with the skills to handle transactions with foreign buyers and immigrants.

"It was evident from the meeting that our world is more global than ever, and so is the business of real estate. The exchange of information with our guests from China demonstrated that our area, Silicon Valley, is highly regarded internationally," said Jennifer Tasto, who chairs the association's Global Business Council. "On the Realtor level, it is more important than ever to become more educated in doing business with people of diverse backgrounds."

John Tripp, the association's National Association of Realtors director and member of the Los Gatos/Saratoga District, said questions from the delegation members focusing on methods of taxation for real property and capital gains, the cost of rental property, and governmental subsidies "indicated they were looking for information regarding possibly duplicating our market processes in one form or another. This could be either with a joint venture between private and government, or attracting outside investors with tax incentives."

Cupertino Vice Mayor Gilbert Wong was also present at the meeting. "The delegation showed great interest on how Realtors work in the U.S. with their code of ethics. Most important is China has a growing economy and sees Silicon Valley as an advantageous area to invest based on our quality of life from schools, business, and weather. We welcome an opportunity to work together with our new friends," said Wong.



The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

» Back to Real Estate Articles

Site Navigation