When it comes to real estate investment, the Chinese have landed in Miami Beach - bigtime.
A Chinese construction company has just purchased a beachfront plot of land to develop in the coming years for $38.5 million.
The plot is located on the beach front in Miami Beach. The residential property shop in Miami sold the plot to the Chinese investment group for 38.5 million US dollars, or around 35.5 million euros.
The plot measures over 3,900 square meters, and planned to build up to 60 luxury apartments or an exclusive hotel with around 150 rooms.
The sale was handled by Engel & Völkers, alongside another real estate company to represent the seller, property developer The Peebles Corporation.
Irving Padron, Managing Partner of Engel & Völkers in Miami stated: "This plot is one of the last undeveloped plots of land in Miami Beach - one of the most sought-after property markets in the world. The plot offers versatile building opportunities with great investment potential."