Chinese Investors Eye Las Vegas for Business Opportunities
9/10/2011 10:04:04 AM Joyc.Biz
Despite the weak local economy, several investors from China are looking at Las Vegas for possible investments soon.
" We are helping those wealthy Chinese people to make smart investment decisions like investing in Nevada . Many are very interested to invest, particularly in Las Vegas,"Julia Zhang, Deputy Representative of Trade and Investment said in an interview.
Zhang holds office in China ’s capital of Beijing as well as in Las Vegas under the direction of the Nevada Commission on Economic Development (NCED).
The NCED is a state agency established in 1983 to promote and encourage vital economic interests of Nevada . It stimulates business expansion, attracts new businesses to promote a robust, diversified and prosperous economy.
“Our goal is to bring more investors to Nevada . Las Vegas is very famous for the trade shows. (Chinese investors) can see the huge business opportunities here,” she told Asian Journal.
Zhang noted some 20 investors are coming to Las Vegas in November to attend the annual SEMA automobile trade show. The SEMA Show is the premier automotive specialty products trade event in the world.
It is one of the largest trade shows held in Las Vegas , drawing in more than 50,000 domestic and international buyers every year.
“We’ll set up meetings with local automobile factories (in Beijing) so they can find cooperation here,” Zhang said.
For his part Las Vegas Asian Chamber of Commerce (ACC) Chairman
Robert Young urged Asian investors to look at business opportunities in the city, despite the weak local economy.
Las Vegas gripped by a staggering 14% jobless rate, while home foreclosures in the city remain highest in the country. The state was also the epicenter of the housing crisis that resulted in the nation’s economic downturn.
"This is the best period for them to invest here. Everything is cheaper than before. In other words, they should buy low and sell high," Young said.
“There is a down cycle and up or peak cycle. If you do it right, you come in in the down cycle, increase the value, then you get out, make money. Right now, we’ve seen the market bottom out,” he added.
The ACC represents the professional and business interests of Asians in Las Vegas . Among its many activities, it creates networking opportunities
for its members within and outside Las Vegas, as well as with business executives in other Asian countries.
(Las Vegas Sept 1-7, 2011 Sec A pg.1)