CRI听力:Houston attracts Chinese real estate investment

The U.S. Census Bureau has confirmed Houston has been growing faster than any other city in the country, with the city's skyline studded with glittering new skyscrapers and residential buildings.

Tadd Tellepsen, President of Houston-based Tellepsen Construction, says his family business is booming like never before, noting the City Council in Houston has already issued bonds worth 10-billion US dollars to finance a raft of new building projects.

"We have more work right now than we've ever had in our 107-year history. These foreign investors have their eye on Houston. Houston is still relatively affordable from a real estate perspective."

Foreign investment is also pouring in through the US government's immigrant investment visa program, which grants foreign nationals a green card, provided they spend at least one-million US dollars to establish a company which employs more than 10-people.

Observers say the reason Houston has become such a popular draw for foreign investment through the EB-5 system is because of low housing costs.

A home in Houston costs roughly half what the same home in New York City would set someone back.

Houston Realtor Cheri Fama says the immediate cost benefits for Chinese investors are obvious.

"They are bringing their money out of China, looking for good investments, and the mix and the diversification of the benefits of being in Houston and in Texas too are great."

At the same time, Fama says Houston is a stable investment.

"The action and activity makes them understand that people are investing here for a reason. And it's because it's solid, it's stable."

Beyond financial advantages, local OCA board member Debbie Chen says there is also a growing Chinese community in Houston.

"As they all have children, as they start going, sending their kids to Chinese language schools, sending their children to learn piano or to dance."

The OCA, or Asian Pacific American Advocates, is a national organization designed to promote social, political and economic well-being of Americans of Asian and Pacific Island descent.