Chinese Delegation Takes Real Estate 101

A delegation of 15 real estate specialists from the People’s Republic of China recently toured Orange County’s real estate projects to learn how best to sell, market and build office and housing projects.

Specialists from the Ministry of Construction came from Beijing to learn about model homes, title companies, appraisals, property viewing and financing options like low-down-payment mortgages.

“I had lectured in Beijing 1994 for 3 1/2 weeks--and they kept in touch,” said Pat Neal, a Garden Grove broker and former president of the California Assn. of Realtors, who escorted the delegation.

“They want to know how we work and the methods with which we do real estate,” she said. “They were very impressed with Orange County and Huntington Beach.”

There is no real system of property transfer and not much private ownership of real estate in China, Neal said. The delegation wants to explore ways to structure a new financing system for China. Currently, the best loans there usually require a 50% down payment and must be paid off in seven years.

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Debora Vrana covers real estate for The Times. She can be reached at (714) 966-5979 and at debora.vrana@latimes.com