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Squaw/Alpine looking to welcome Chinese tourists who ski

post #1 of 25
Thread Starter 

Squaw/Alpine is going after the Chinese market by partnering with one of the ski resorts that will be part of the 2022 Beijing Winter Olympics.  They have plans to create a Chinese language website in the near future.

 

http://saminfo.com/headline-news/8646-squaw-valley-alpine-meadows-partners-with-china-s-genting-secret-garden-resort

 

"SAM Magazine—Zhangjiakou City, China, May 27, 2016—In a move aimed at tapping into the growing Chinese tourist market, Squaw Valley Alpine Meadows has entered into a “strategic alliance” with China’s Genting Secret Garden Resort, one of the host areas for the 2022 Beijing Winter Olympics. California is currently the top U.S. destination for Chinese travelers, who spent $2.5 billion in California in 2015, according to research by Visit California.

The relationship will offer five free days of reciprocal skiing/riding for season passholders at each resort, as well as exclusive discounts at the other resort. Plans also call for cross training of resort staff and management exchanges to help prepare each resort for a greater number of visitors from the other destination. . . ."

post #2 of 25

Thanks for sharing.  I am curious to know what kind of Chinese population are interested in visiting Squaw/Alpine in the U.S.?  So interested that they'd be willing to put up with the tourist visa application process.   I say this is because, applying visa to visit the U.S. can be a real pain: you need to provide documents such as, proof of employment, bank statement, tax form, flight & hotel booking.... , possible an in-person interview at the embassy.  

 

On the other hand, visiting Canada, Japan and Korea is much easier and flights are shorter (for S. Korea and Japan)....  if you are a newbie, you'd probably opt for S. Korea.  If you are advanced, I think Japan will do the "trick" to satisfy your powder experience?  Not to mention food in japan and Korea probably will be more agreeable.   Or else, visiting WB in BC Canada is only 1 direct flight away from Beijing / Shanghai.  

 

So, the reason(s) for visiting Squaw / Alpine is(are)???

post #3 of 25
Thread Starter 
Quote:
Originally Posted by fosphenytoin View Post
 

Thanks for sharing.  I am curious to know what kind of Chinese population are interested in visiting Squaw/Alpine in the U.S.?  So interested that they'd be willing to put up with the tourist visa application process.   I say this is because, applying visa to visit the U.S. can be a real pain: you need to provide documents such as, proof of employment, bank statement, tax form, flight & hotel booking.... , possible an in-person interview at the embassy.  

 

On the other hand, visiting Canada, Japan and Korea is much easier and flights are shorter (for S. Korea and Japan)....  if you are a newbie, you'd probably opt for S. Korea.  If you are advanced, I think Japan will do the "trick" to satisfy your powder experience?  Not to mention food in japan and Korea probably will be more agreeable.   Or else, visiting WB in BC Canada is only 1 direct flight away from Beijing / Shanghai.  

 

So, the reason(s) for visiting Squaw / Alpine is(are)???


Total guesswork on my part . . . with more and more Chinese in the Beijing area going to the Chinese ski areas, presumably some of them would be interested in doing a little skiing during a trip to the U.S.  There are plenty of Chinese who get a tourist visa to visit relatives.  There are also lots of tour groups coming from China.  A side trip to Tahoe from San Francisco could be a interesting option for younger tourists.

 

I agree that Chinese tourists who want to do a ski vacation at a big mountain might as well go to Japan or Whistler.

post #4 of 25

Just cuz getting a piece of the pie ain't achievable doesn't mean people won't try to get a piece of the pie...

post #5 of 25
I think this is just more of Andy Wirth attempting to promote squaw valley and get others to buy into his grandiose development plans to improve/destroy the valley

@Gone2Alpine provides his opinion here
http://unofficialalpine.com/?p=11143
post #6 of 25
Thread Starter 

Turns out that by 2015, a new visa rule was leading to even more tourists from China spending money in the U.S.  Even a tourist visa is now good for 10 years, not 6 months or 1 year.  Applies to Americans going to China or Chinese nationals visiting the U.S.

 

http://www.businessinsider.com/chinese-tourists-to-us-on-the-rise-2015-1

 

"This is good news for the US economy — last year [2014], 1.8 million Chinese tourists visited America and spent a whopping $21.1 billion. That number could top $80 billion by 2021, writes Avery Booker at China Luxury Advisors."

 

In L.A. alone, the estimated dollars spent by tourists from China in 2015 was over $1 billion.  Turns out that L.A. worked hard to market itself as a destination in major metropolitan cities in China.

 

https://chinesetouristsinamerica.com/2016/03/04/chinese-tourists-spend-more-than-1billion-in-los-angeles-last-year/

 

"Los Angeles has long promoted itself as a tourist destination in China, and was the first city in the world to open a tourism office in the country in 2006. At the time, China was not even in the top 10 of international visitors to Los Angeles.

“Chinese visitors are spending more money than others, and they are staying longer,” said Ernest Wooden Jr, president and CEO of the Los Angeles Tourism and Convention Board. “They are one of our best visitors, and that’s why we have such a focus on our marketing efforts in China.”"

post #7 of 25
The real reason is to sell condos for cash to money laundering Chinese.
Which is ok, because when things go though for them, they will sell the condos for 50 cents on the dollar
Reminds me of how the japanese bought heavenly and then sold it at a huge loss.
post #8 of 25
Quote:
Originally Posted by rod9301 View Post

The real reason is to sell condos for cash to money laundering Chinese.
Which is ok, because when things go though for them, they will sell the condos for 50 cents on the dollar
Reminds me of how the japanese bought heavenly and then sold it at a huge loss.

Totally about this.  Selling real estate in a desirable location.  Some of the investors might even ski or at least aspire to it at some point.  They are throwing up luxury condos along the river in London that are presold and realistically no-one expects anyone to live in.

post #9 of 25
Thread Starter 
Quote:
Originally Posted by fatbob View Post
 
Quote:
Originally Posted by rod9301 View Post

The real reason is to sell condos for cash to money laundering Chinese.
Which is ok, because when things go though for them, they will sell the condos for 50 cents on the dollar
Reminds me of how the japanese bought heavenly and then sold it at a huge loss.

Totally about this.  Selling real estate in a desirable location.  Some of the investors might even ski or at least aspire to it at some point.  They are throwing up luxury condos along the river in London that are presold and realistically no-one expects anyone to live in.


Do you have a reference showing who is buying the luxury condos in London?  Or in north Tahoe?

 

What type of Japanese company bought Heavenly?  When?

post #10 of 25
In London, Russians and Chinese.
post #11 of 25
Quote:
Originally Posted by rod9301 View Post

The real reason is to sell condos for cash to money laundering Chinese.
Which is ok, because when things go though for them, they will sell the condos for 50 cents on the dollar
Reminds me of how the japanese bought heavenly and then sold it at a huge loss.

Got and real proof of money laundering or even cash sales or is it just conjecture on your part?

post #12 of 25
Quote:
Originally Posted by rod9301 View Post

In London, Russians and Chinese.

Pretty much - its an open secret that real estate in prestigious locations is seen as a safe haven for funds that may otherwise be vulnerable even if the source of funds is whiter than white. 

 

http://www.theguardian.com/society/2016/may/24/revealed-foreign-buyers-own-two-thirds-of-tower-st-george-wharf-london

post #13 of 25
post #14 of 25
Thread Starter 
Quote:
Originally Posted by DanoT View Post
 
Quote:
Originally Posted by rod9301 View Post

The real reason is to sell condos for cash to money laundering Chinese.
Which is ok, because when things go though for them, they will sell the condos for 50 cents on the dollar
Reminds me of how the japanese bought heavenly and then sold it at a huge loss.

Got and real proof of money laundering or even cash sales or is it just conjecture on your part?

 

Let's not go down the rabbit hole of accusations.  Would rather not move this thread to PH&T.  Not that it matters, I am of Chinese descent and have relatives who develop real estate in China.

 

As far as I know, Vancouver is not in the U.S.  Nor is there any mention of Chinese investors in the article.

post #15 of 25
Thread Starter 

I found an answer to my question about Chinese nationals spending money on real estate in Tahoe.  One of the Tahoe real estate companies is certainly happy to help people in China find luxury properties of interest.

 

http://www.laketahoebestproperties.com/luxury-living-blog/chase-international-real-estates-global-reach-continues-to-accommodate-chinese-luxury-buyers/ - Feb 2016

 

"Lake Tahoe has become a hot spot for Chinese real estate investors with its close proximity to the San Francisco Bay Area, Nevada’s tax advantages and breath-taking beauty.

Chase International’s Senior VP and Corporate Broker, Susan Lowe hosted 30 Chinese investment buyers for a tour of several gorgeous, lakefront luxury properties in Lake Tahoe.

The buyers were en route to Los Angeles after touring New York and San Francisco when they made a special stop to take in the wealth of luxury that Tahoe and the surrounding area has to offer."

post #16 of 25
Quote:
Originally Posted by marznc View Post
 

 

Let's not go down the rabbit hole of accusations.  Would rather not move this thread to PH&T.  Not that it matters, I am of Chinese descent and have relatives who develop real estate in China.

 

As far as I know, Vancouver is not in the U.S.  Nor is there any mention of Chinese investors in the article.


Not an accusation.  I think, as the article outlines, there is a complete lack of understanding of whether there is a problem or not because the rules surrounding reporting are weak and are being ignored regardless.  It's hard to tell if there is a problem if you are unwilling to look for a problem..

post #17 of 25
All cash transactions over$10,000 have to be reported, EXCEPT for real estate transactions.

So why do you think you have lots of Chinese real estate buyers coming with suitcases of cash, like in dollar bills?

Same thing in New York, London, etc.

You would have to hide your head in sand not to have seen lots of articles about this.

There used to be Russian buyers, but they are running out of money.
post #18 of 25
And it is a problem for people living in the neighborhoods with absentee Chinese home owners.

Lawns not mowed, houses not maintained.
post #19 of 25

An old ski buddy of mine used to say years ago that at ski resorts 80% of the homes are empty 80% of the time. It is what happens to second homes.

post #20 of 25
Dano, why are you defending squaw and Chinese buyers?
post #21 of 25
Quote:
Originally Posted by rod9301 View Post

Dano, why are you defending squaw and Chinese buyers?


I think the focus should be "foreign" not just "Chinese".  It's not confined to any one country.  But I do agree, there are issues that arise from these arrangements and I think it would behoove the government to figure out what's going on, if anything.  I think they are afraid to look and pop the bubble, at least in Canada.

post #22 of 25

The N.Y. Times did a series called "Towers of Secrecy".

 

http://www.nytimes.com/news-event/shell-company-towers-of-secrecy-real-estate

 

Which got the Treasury Department interested.

 

http://www.nytimes.com/2016/01/14/us/us-will-track-secret-buyers-of-luxury-real-estate.html?_r=0

 

"Concerned about illicit money flowing into luxury real estate, the Treasury Department said Wednesday that it would begin identifying and tracking secret buyers of high-end properties.

The initiative will start in two of the nation’s major destinations for global wealth: Manhattan and Miami-Dade County. It will shine a light on the darkest corner of the real estate market: all-cash purchases made by shell companies that often shield purchasers’ identities"

 

One of the hot spots in a video in the "Track Secret Buyers" article is Tahoe.

post #23 of 25
Quote:
Originally Posted by Scott43 View Post


I think the focus should be "foreign" not just "Chinese".  It's not confined to any one country.  But I do agree, there are issues that arise from these arrangements and I think it would behoove the government to figure out what's going on, if anything.  I think they are afraid to look and pop the bubble, at least in Canada.

Actually, the focus should be Chinese buyers, since they are the ones that squaw is targeting.
post #24 of 25
Quote:
Originally Posted by rod9301 View Post


Actually, the focus should be Chinese buyers, since they are the ones that squaw is targeting.


Today it's the Chinese, tomorrow it's another group.  Same rules should apply to all foreign buyers.  You can't pick out one group without picking out all of them..doesn't matter if they're Chinese or Australian.

post #25 of 25
Quote:
Originally Posted by rod9301 View Post

Dano, why are you defending squaw and Chinese buyers?

 

I don't recall defending anyone, just curious on the source of the information.

 

BTW, according to Ozzie Juruck, the real estate expert on Vancouver's "Michael Campbell's Money Talks" radio show, Canadians are by far the biggest foreign buyers of real estate in the US.

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