Report: Chinese investors buying up golf courses in Myrtle Beach
Chinese investors are swiping up golf properties in the southeast United States faster than they can go up for sale. What gives?
"They came with cash ... and they continue to buy."
That's certainly not a statement being made about many Americans these days, especially when it comes to golf courses.
However, the Sun News reported earlier in March that a bunch of golf properties in the Myrtle Beach area (a golf hotbed if there ever was one) are being bought by Chinese investors.
“You had a few low, really insulting offers that really weren’t offers,” said Ed Jerdon, a partner in three Myrtle Beach courses that were quietly for sale recently.
“As far as selling a golf property now it depends on the purchaser, whether they can even get financing,” said Jerdon. “The Chinese, they came with cash ... and they continue to buy.”
The Sun News also reported that various Chinese investors have spent nearly $50 million on 13 courses in the Myrtle Beach area in the last two years.
“China has too much money right now," said one Chinese golf course investor named Xian "Nick" Dou. "[The government] is encouraging companies to invest overseas ... they have a lot of money, and where to go? Go overseas.”
They have been doing just that, with some Chinese also bringing their families over as a means of establishing a new life in the United States.
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