Portland condo building brokers target buyers in Asia

PORTLAND, Ore. (AP) – A condominium building under construction in Portland is planning to market more than a quarter of its units to buyers in Asia.

The Oregonian/OregonLive reports the real-estate brokers in charge of selling units in the TwentyTwenty building in northeast Portland expect to offer up to 45 of the 162 units to buyers in Asia, including China, Japan and Singapore.

According to the National Association of Realtors, Asian buyers have become a significant force in larger West Coast cities, with Chinese buyers alone accounting for $30.4 billion in U.S. real estate over the last year.

Broker Michael Zhang of Cascade Sotheby’s International Realty says about half of targeted buyers in Asia would likely be investors.

The building is expected to be completed next year.

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Information from: The Oregonian/OregonLive, http://www.oregonlive.com