MYRTLE BEACH (AP) — Records show that Chinese investors are buying golf courses and other properties in the Myrtle Beach area.
The Sun News of Myrtle Beach reported that Investors from China have spent about $48 million buying 13 golf courses in the area in the past two years.
Several more purchases are expected soon.
The newspaper reported that Chinese investors paid $7.5 million to buy Waccamaw Pottery in 2011. They’ve also purchased an undeveloped section of grand Dunes for $5 million.
Relaxed Chinese government regulations on foreign investments have led to a number of purchases in Myrtle Beach and elsewhere around the country.
Chinese investors look at a much longer return-on-investment cycle, said Brad Dean, CEO of the Myrtle Beach Area Chamber of Commerce.
“They’re looking more at where Myrtle Beach could be 25 to 30 years from now,” Dean said.
Myrtle Beach Mayor John Rhodes said he would like to see a large high-rise hotel built to cater to the Asian culture.