State of . ASla Amerlca 2016 Presented by Asian Reai Esiaie of America CONTENTS State of Asia 2016 Presented by Forward..................................................................................... 2 Intro........................................................................................... 3 About AREAA............................................................................ 4 People........................................................................................ 6 AAPI Population and Demographics Education........................................................................................... 8 AAPI Education Stats International Student Data Economy.................................................................................. 10 Economic Impact Homeownership Asian Investment.................................................................... 14 Inbound Investment Trends Chinese Investment................................................................ 15 Social........................................................................................16 Policy and Social Issues Politics..................................................................................... 17 Political Identity and Support AREAA......................................................................................18 Get Involved Keep up with AREAA! About RE/MAX......................................................................... 20 areaa.org 1 F O R WA R D Like No Other 2016 was an historic year for AREAA and for those who champion Asian American homeownership and generational wealth building. On July 28, 2016, the US Census Department published the first quarterly report on homeownership rate for Asian Americans and Pacific Islanders as a distinct category. We are no longer the “other” when it comes to homeownership. This change did not happen overnight and wasn’t as simple as requesting that we be heard as a community. Our original request to the White House and the US Census department didn’t go anywhere. Change doesn’t come easy and government doesn’t move fast. AREAA and our members had to organize at the local level and we expanded our presence in Washington, DC. We worked hard to build a coalition of business partners and community leaders who embraced this cause. While we can savor in this historic victory for AREAA and Asian American community, our collective work is nowhere near done. Since 2000, the Asian American and Pacific Islander (AAPI) community has been the fastest growing in the US and Asia is now the largest source immigrants moving into the United States annually. Many demographers are already predicting that well before the end of this century, AAPIs will be the largest minority group in the US. From educational achievements to small business ownership to high tech industries, our community continues to “over index” on most economic and social well-being factors in the United States. Many view our community as doing exceedingly well and the media portrays our community as the “model minority.” That perception unfortunately creates distortions and masks some of the real challenges facing many in the AAPI community. To understand our community, one needs to look deeper than the headlines and averages. Our community is bifurcated. Many have done exceedingly well, while the struggles of some in our community have never gotten the needed coverage and attention it de- 2 State of Asia 2016 / Presented by serves. The first step in the journey for change is to create awareness and to be counted. Despite the importance of our “No Other” campaign, the next step is to take a deeper look into our community. The upcoming roll out of HMDA and American Housing Survey reports on subpopulation data is critical, and the fact that the unique experiences of various AAPI communities will be showcased separately is a monumental step forward. Starting next year, more information about how different nationalities within the AAPI community are experiencing homeownership will be available. With this information, we will better understand where the real estate and mortgage industry’s focus needs to be and which institutions are truly serving all of our community well. There are certain AAPI communities that are facing high poverty levels and many older AAPIs are facing severe social and linguistic isolation. Some are facing daunting homeownership challenges and struggle to save enough to buy a home and send their kids to college. The student debt crisis and its impact on homeownership will have a profound impact on the younger generation of would-be homebuyers. As more and more AAPI go to on to pursue higher education, at the highest rate of any community and with a projected increase of over 35% in the next decade, the stringent underwriting requirements related to debt to income ratio will keep many from achieving the American Dreams for years to come as they work to pay off their student loans. Our goal with AREAA’s State of Asia America report is to frame the enormous opportunity that the AAPI market represents to real estate firms, financial services industry and home builders. Equally important for us is to give those in our community without a voice an opportunity to be heard. To give our community a seat at the table and make sure that decision makers in business and policy do not overlook the real and immediate challenges facing large segments of our AAPI family. State of Asia 2016 SCOTT BERMAN Editor PRAVEEN SHARMA Graphic Designer All errors and omissions are our own. INTRO Each year AREAA produces a compilation of data related to the AAPI community called the State of Asia America Report. This report is the only such compilation of this data in production, and is your “one stop shop” for all of the most important information about our community. The report includes everything: demographics and language, homeownership trends, education and income, economic impact, global investment trends, political ideology and affiliation, as well as information about some of the challenges and opportunities the AAPI community faces. We even have a section that breaks down our organization’s membership into similar categories! Part of AREAA’s mission is to empower those who serve our community in real estate. This easy to read report does just that by arming you with the knowledge you need to better understand the AAPI and to better serve our dynamic community. Lastly, we want to thank our friends at RE/MAX for supporting us in putting this important report together. As a global network with a presence in more than 100 countries and territories, RE/MAX understands and respects the cultural differences of diverse populations. We enthusiastically support the Asian Real Estate Association of America and are pleased to present its 2016 State of Asia America report, the only published compilation of AAPI real estate and economic data available today. The following data, pulled from a variety of sources, highlights the growing power and influence of the Asian American and Pacific Islander (AAPI) community - the fastest growing population in the United States. Real estate professionals who take time to learn more about the unique needs and challenges of the AAPI community position themselves to provide better service and offer more value to customers. So, in the spirit of raising the standard for all, and on behalf of over 110,000 RE/MAX associates worldwide, we encourage you to read the report - and then put its insights to use in your business. ANGIE LEE 2017 President AREAA GEOFF LEWIS President RE/MAX, LLC. / areaa.org 3 ABOUT AREA A Who is the Typical AREAA Member? Income & Education 51 38% Years Old immigrants 49 51 % % Male Female 14 Years experience in the real estate or real estate banking industry 74% Year Immigrated to the United States Has at least a 4-year college degree 1950 – 1959 1% 1960 – 1969 8% 1970 – 1979 27 1980 – 1989 32% 1990 – 1999 20% 2000 – 2010 10% % 2011 or Later 3% 74 % Real estate is not their first career Membership represents a diverse range of ethnicities and races, with a vast majority identifying as AAPI. 4 State of Asia 2016 $111,538 Income earned by the typical member in 2015 from all real estate or real-estaterelated activities Likely the PRIMARY BUT NOT SOLE EARNER for the household $156,250 Typical household income Profession 82% REAL ESTATE PROFESSIONALS BANKING AND FINANCE The Typical Real Estate Professional Member 52 Years Old 4 Years affiliation with their current firm Company Affiliation 45 13 Years experience in the real estate or real estate banking industry 61 % Speak at least one language other than English % INDEPENDENT, NON- FRANCHISED COMPANY Those members with franchises or subsidiaries of national or regional companies are most likely to be affiliated with: 17 14% 11% 10% 9% % KELLER WILLIAMS COLDWELL BANKER RE/MAX CENTURY 21 SOTHEBY’S 18% The Typical Banking and Finance Member 45 Years Old 16 BROKER AREAA MEMBERS 21% 200k $ Household income 70% Work for an independent, nonfranchised company 3 20 Works for a company with 1,000 or more employees in total, in an office location with only 12 staff ? Broker members Years experience in the real estate or real estate banking industry Years affiliation with their current firm Why Real Estate Years experience in the real estate or real estate banking industry 9 Years affiliation with their current firm 52% interest in real estate as a business 48% ability to work for themselves 45% flexibility of the job 42% interest in working with people / areaa.org 5 PEOPLE AAPI Population and Demographics 21+ Asian American and Pacific Islander Population in the United States, 1860-2050 million Current AAPI population (estimate) Nearly two-thirds of 30 26.5 25 20.7 20 12.8 15 10 AAPIs are foreign-born. 5 Source: https://www.whitehouse.gov/ administration/eop/aapi/data/critical-issues 0 The AAPI population grew by 32.6 35 In millions Source: Asian American Voices in the 2016 Election Cycle: Report on Registered Voters in the Fall 2016 National Asian American Survey. Karthick Ramakrishnan, Janelle Wong, Taeku Lee, Jennifer Lee. October 5, 2016. 39.7 40 15.2 7.3 .03 .06 1860 1870 .10 1880 .10 1890 .11 .15 1900 1910 .18 1920 .26 .25 .32 .98 1930 1940 1950 1960 1.5 1970 3.5 1980 1990 2000 2010 2020 2030 2040 2050 Note: For purposes of comparison, these data are reported for race alone, and do not include race alone and in combination. Source: US Census Bureau, Population Division. 46% between 2000-2010, and 15% in the last five years. The community is projected to more than double in size by 2050. In the last five years, 18 states experienced 20% or more growth in AAPI community AAPIs make up one of the By Race and Hispanic Origin, United States 2000 to 2010 1% White 10% Total Population 15% African American 27% AIAN fastest growing racial groups 40% NHPI in the US, constituting about 43% Hispanic ¹⁄³ of the one million legal 46% Asian American immigrants who enter the US annually. Source: US Census American Community Survey FactFinder 6 Percent Population Growth State of Asia 2016 / Presented by Source: US Census Bureau, 2000 and 2010 Censuses 27 of the 50 States now have an AAPI population of greater than 100,000 ×× 19 / 50 with > 250,000 ×× 9 / 50 with > 500,000 ×× 3 / 50 (California, New York, Texas) with > 1,000,000 Counties with the Highest AAPI Population Based on the total Asian population, both single race and mixed race. Includes Hispanic Asians and non-Hispanic Asians. Total Asian Population County Los Angeles County, CA 1,550,573 Honolulu County, HI 706,253 Santa Clara County, CA 636,298 Orange County, CA 616,665 Queens County, NY 565,054 Alameda County, AC 454,517 San Diego County, CA 421,768 Cook County, IL 370,517 King County, WA 343,504 San Francisco County, CA 297,368 Source: US Census Bureau, 2010 Census. Language TOP LANGUAGES SPOKEN (speaker population) Chinese 2,380,453 Tagalog 1,441,799 Vietnamese 1,200,709 AAPI Ethnicities ASIAN AMERICAN Bangladeshi Bhutanese Burmese Cambodian Chinese Filipino Hmong Indian Indo Chinese Iwo Jiman Japanese Korean Laotian Malaysian Maldivian Nepalese Okinawan Pakistani Singaporean Sri Lankan Taiwanese Thai Vietnamese Other Asian PACIFIC ISLANDERS Carolinian Chamorro Chuukese Fijian Guamanian I-Kiribati Kosraean Mariana Islander Marshallesse Native Hawai'ian Ni-Vanuatu Palauan Papua New Guinean Pohnpeian Saipanese Samoan Soloman Islander Tahitian Tokelauan Tongan Yapese Polynesian Micronesian Melanesian Source: US Census Bureau, 2000, Summary File 1, 2000. TOP FIVE ETHNICITIES AS A % OF ALL AAPI AND POPULATION Korean 1,041,030 Hindi Japanese Source: US Census Bureau, 2010 Census. 527,481 457,450 23% 10% 19% 10% 16% Source: US Census American Community Survey FactFinder Chinese Indian Vietnamese Korean Filipino / areaa.org 7 E D U C AT I O N AAPI Education Stats ++ ++ ++ Since 2000, AAPI are the fastest growing student population, and are projected to grow faster than any other community over the next 10 years. Asian American and Pacific Islanders (AAPI) make up the fastest growing student population enrolling in U.S. colleges and universities. College enrollment among AAPI students grew five-fold between 1979 and 2009 from 235,000 to 1.3 million. AAPI have the highest percentage of high school graduates enrolling in college 83% AAPI 71% In fact, AAPI student college enrollment is estimated to increase 35 percent over the next decade. Non-Hispanic White 69% SOURCE: http://changingfaceofamerica.com/learn-the-facts/aapi-college-students-by-the-numbers/ AAPI 54% Hispanic 45% US 41% Black 39% Source: http://www.usfinancialcapability.org/ downloads/NFCS_2015_Report_Natl_Findings.pdf Non-Hispanic White 39% Hispanic AAPI are also more likely than others to be saving money for college AAPI above 25 years old with at least a bachelor’s degree (% with one) 54% Black SOURCE: http://www.bls.gov/news.release/hsgec.htm ++ AAPI, overall, have much higher levels of educational attainment than the US general public. After the “Big 5” ethnicities, however, the drop off in education (as well as many other social and financial indicators) is staggering. This is further proof of the flawed logic in the model minority myth. Source: http://www.pewsocialtrends.org/asianamericans-graphics/ 49 % 28 % 8 AAPI Source: http://www.usfinancialcapability.org/ downloads/NFCS_2015_Report_Natl_Findings.pdf (highest in the nation) US Average State of Asia 2016 / Presented by With these high levels of education, it is no surprise that 25% of AAPIs surveyed in the National Financial Capability Survey (NFCS) said they were saddled with student debt. ++ 26% Vietnamese 46% Japanese 47% Filipino 51% Chinese 53% Korean 70% Indian According to research from the Department of Education, 51% of Pacific Islanders received a student loan and 38% of Asians. SOURCE: http://nces.ed.gov/pubs2016/2016007.pdf Top Fields of Study Rank Field of Study International Student Data # 974,926 Total Number of International Students 1 2 Rank Country of Origin 1 2 3 4 5 6 7 8 9 10 China India South Korea Saudi Arabia Canada Brazil Taiwan Japan Vietnam Mexico Number of students % of all international students 304,040 132,888 63,710 59,945 27,240 23,675 20,993 19,064 18,722 17,052 31.2% 13.6% 6.5% 6.1% 2.8% 2.4% 2.2% 2.0% 1.9% 1.7% Top Schools by International Student Enrollment Percent of Total 1 Business and Management 197,258 20.20% 2 Engineering 196,750 20.20% 3 Other/Unspecified Subject Areas 131,332 13.50% 4 Mathematics and Computer Sciences 112,950 11.60% 5 Social Sciences 75,951 7.80% 6 Physical and Life Sciences 73,838 7.60% 7 Humanities 66,737 6.80% 8 Fine and Applied Arts 56,758 5.80% 9 Health Professions 33,399 3.40% 10 Education 17,675 1.80% 11 Agriculture 12,278 1.30% # Top Countries of Origin No. of Students National University (state) City, State Percentage of international students Total undergraduate enrollment U.S. News rank Florida Institute of Technology Melbourne, FL 32.9% 3,636 161 (tie) New School (NY) New York, NY 31.7% 6,695 127 (tie) Illinois Institute of Technology Chicago, IL 29.8% 3,099 108 (tie) University of Tulsa (OK) Tulsa, OK 26.7% 3,473 86 (tie) Lynn University (FL) Boca Raton, FL 23% 1,976 RNP* Carnegie Mellon University (PA) Pittsburgh, PA 20.9% 6,309 23 (tie) University of California—San Diego San Diego, CA 19.9% 24,810 39 (tie) Andrews University (MI) Berrien Springs, MI 19.6% 1,805 175 (tie) Northeastern University (MA) Boston, MA 19.1% 13,510 47 (tie) University of San Francisco San Francisco, CA 19% 6,845 108 (tie) Source: http://www.iie.org/Services/Project-Atlas/United-States/International-Students-In-US#.V_vvkuArLIU / areaa.org 9 E C O N O MY Economic Impact Purchasing Power AAPI purchasing power expected to top Businesses ++ ›› Larger than Saudi Arabia and Switzerland ›› Would make it 4th largest state economy in US (California, Texas, and New York) 1 Trillion Source: 2015 Nielsen. “Asian-Americans: Culturally Connected and Forging the Future.” million US Census Bureau Survey of Business Owners: Asian Owned Businesses 2007. $ by 2018 1.9 Would make AAPI the 19th largest economy in the world 2015 Nielsen. “Asian-Americans: Culturally Connected and Forging the Future.” ++ Experienced 180% growth in Purchasing Power between 20002014 ›› Nearly triple nonHispanic whites (69%) Asian American and Pacific Islander-owned businesses employ 3.6 million people and garner $ 699.5 billion in revenue Asian American-owned firms with employees average 7 2015 Nielsen. “Asian-Americans: Culturally Connected and Forging the Future.” Asian American Buying Power – Top States California $250 million New York $70 million Texas $56 million Source: 2015 Nielsen. “Asian-Americans: Culturally Connected and Forging the Future.” workers & 1.1 $ million in annual receipts Source: https://www.commerce.gov/news/pressreleases/2016/05/us-department-commercesminority-business-development-agency-host-first Employment and Wages 61.3% 64.9% 64.6% 61.3% of the Indians (64.9%) and AAPI community Filipinos (64.6%) have is employed, the the highest rates of highest of any race employment within AAPI or ethnic group. population. 29 States experienced at least 40% growth in AAPI owned businesses between 2002-2007 The majority of the AAPI labor force is in the private sector Seven States experienced 60-100% at 78.4 percent. growth in AAPI businesses between 2002-2007 (in alphabetical order) AAPI earn more than other races on average, with Indian Americans having the highest average weekly income of any racial or ethnic group Arkansas Alabama WEEKLY EARNINGS BY ETHNICITY $1,292 Indian $1,100 Japanese Georgia Arizona $1,093 Chinese $992 Korean $987 AAPI Average Kentucky $865 Nevada Whites $692 African American $641 Hispanic Utah Source: www.mbda.gov Source: The Economic Status of Asian Americans and Pacific Islanders in the Wake of the Great Recession, US Dept. of Labor 2015 / areaa.org 11 E C O N O MY Homeownership AAPI Homeowners – Like No Other! ++ For years, AAPI have been lumped into the “Other” racial category in virtually all government and academic research; making it nearly impossible to get an accurate picture of the issues and trends affecting this community. ›› ++ Going Under 6.6% of AAPI homeowners The “Other” category included Native Americans and Alaskans, Asians, Native Hawaiians and Pacific Islanders, and people who claimed two or more races. lost their home due to foreclosure after the housing crash of 2007 In 2016, AREAA began a campaign asking the Census Bureau https://www.whitehouse.gov/administration/eop/aapi/ data/critical-issues to give AAPI a standalone category in their influential quarterly reports on housing, in an effort to get better data on AAPI homeownership. ++ With this new data, researchers will be able to analyze the barriers to housing facing the AAPI community and preventing it from achieving high levels of homeownership. In their Q2 FY2016 report, the Census Bureau included a distinct AAPI category for the very first time. ›› The AAPI homeownership rate was listed at 55.6% in Q3 FY2016, well below the rate for Non-Hispanic Whites (71.9%) and the US average (63.5%). Source: http://www.census.gov/housing/hvs/files/currenthvspress.pdf ›› This is despite AAPI having, on average, high credit scores, high levels of income, and high levels of education. National Aggregate: Disposition of Loan Applications 1- To 4-Family and Manufactured Home Dwellings, By Race of Applicant, 2015 Conventional Home-Purchase Applications Received Race Number Asian 255,298 $89,920,409 Black or African American 131,989 White Hispanic or Latino Applications Received Loans Originated Refinance Applications Received $000’s Number $000’s Number $000’s 178,960 $63,005,502 47,429 $12,512,982 32,539 $8,645,552 312,452 $102,065,846 175,523 $60,055,659 67,061 $13,164,989 188,460 $36,823,818 121,718 $24,211,567 401,009 2,565,554 $612,887,828 1,856,719 $456,251,679 1,330,489 $253,795,893 975,671 $188,805,462 4,252,860 $949,657,616 2,415,230 $554,597,501 176,866 $34,936,373 $21,926,427 $42,517,210 137,239 $27,938,402 258,172 $50,301,417 Number 487,633 $000’s Loans Originated Number 227,331 $000’s Loans Originated FHA, FSA/RHS, and VA Home-Purchase $72,517,306 $97,581,612 Number 156,917 225,699 $000’s $30,028,983 $46,970,437 HMDA National Aggregate Report on Disposition of Loan Applications 1- To 4-Family and Manufactured Home Dwellings By Race of Applicant, 2015. 12 State of Asia 2016 / Presented by Discrimination Against Asian Americans in Housing Asian renters who contact agents about recently advertised housing units learn about 10% fewer available units and are shown nearly 7% fewer units than whites. Asian homebuyers who contact agents about recently advertised homes for sale learn about 15% fewer available homes and are shown nearly 19% fewer units than whites. About 20% of AAPI homeowners say they felt they experienced discrimination in the homebuying process. Source: Borrowers from a Different Shore: Asian Outcomes in the US Mortgage Market. Courchane, Marsha; Gailey, Adam; Rajeev Darolia. July 22, 2014. 2016 Homeownership Rates by Race 63.5% 55.6% 47.0% 41.3% 71.9% US AAPI Hispanic AfricanAmerican Non-Hispanic White Ethnicity is Correlated with Ownership (% Homeowners) 80% c White Non-Hispani 70% US Total fic Asian or Paci er nd la Is 60% 50% Black tino Hispanic or La 40 % 30% 1994 1996 1998 2002 2000 2004 2006 2008 2010 2012 EDITOR’S NOTE – This is the first time housing statistics have been available for a distinct AAPI category. Last year’s State of Asia America Report listed the AAPI homeownership rate at 59%. This highlights the importance of having clear and accurate data. Source: http://www.census.gov/housing/hvs/files/currenthvspress.pdf Housing Trends of Note Source: Census Bureau CPS, 2013 National Aggregate: Disposition of Loan Applications Multi-Family, By Race of Applicant, 2015 Dwellings for Five or More Families Applications Received By 2024… There will be 1.8 million more Asian households formed Loans Originated There will be 33% more new minority homebuyers than non-Hispanic White Race Number $000’s Number $000’s Asian 1,119 $912,698 752 $645,709 435 $152,819 213 $81,839 88% of all new rental demand will come 6,484 $3,823,952 4,615 $2,547,339 from minority communities 814 $380,110 480 $226,551 Black or African American White Hispanic or Latino HMDA National Aggregate Report on Disposition of Loan Applications Multi-Family Homes By Race of Applicant, 2015. Source: Housing Demand: Mortgage Bankers’ Association. “Housing Demand: Demographics and the Numbers Behind the Coming Multi-Million Increase in Households” / areaa.org 13 A S I A N I N V E S TM E N T Inbound Investment Trends Global Commercial Investment Trends ++ ++ ++ Global investment in US residential real estate dipped slightly in 2015, but was still near all-time highs. Through the first three quarters of 2016…. ++ Global transactions are down 8% from the same time last year, at $454B Global investors purchased $102.6B in 2015, down from $103.9B in 2014. ++ New York is the number one destination for commercial real estate investment, just ahead of London. However, London has been trending downward and the gap between it and Los Angeles has shrunk considerably. ++ China leads the way in investment capital, having moved $17B since the beginning of the year. However, in terms of number of properties purchased, 2015 actually saw a slight increase over the year prior. Source: http://www. housingwire.com/articles/37454-foreign-real-estateinvestment-in-us-declined-in-the-last-year Ranking of U.S. Cities for Foreign Real Estate Investment (2015) New York City, NY Los Angeles, CA San Francisco, CA Washington, DC In the first half of 2016, total Asian investment outflows equaled $18.3B USD. China alone accounted for nearly three-fifths of this total, at $16.1B, up from $7.3B in the first half of 2015. Source: http://www.businesstimes.com. sg/real-estate/asia-capital-outflows-intoglobal-real-estate-down-in-h1 Seattle, WA Boston, MA Atlanta, GA Top Cities for Commercial Investment: Miami, FL Austin, TX New York City Houston, TX London Source: 2016 AFIRE Annual Foreign Investment Survey Los Angeles 52 % Paris Tokyo Washington DC Seoul 52% of all Asian real estate investment capital flowed into the United States, with New York ranking as the top destination for Asian capital not just in the US, but globally. Source: http://www.businesstimes.com.sg/real-estate/ asia-capital-outflows-into-global-real-estate-down-in-h1 14 State of Asia 2016 / Presented by Chicago Hong Kong Singapore Source: Final Quarter Frenzy Expected As Investment Momentum Builds in Q3: Global Capital Markets Research Q3 2016. JLL. http://img03.en25.com/Web/JLL/%7B1163af24-e96e4729-b888-b877426f5fd9%7D_JLL_GCF_Q3_2016_FINAL.pdf C H I N E S E I N V E S TM E N T Chinese Investment Overview China has become the dominant source of foreign direct investment in the United States real estate market by an increasingly widening margin. ++ ++ ++ ++ In 2015, China overtook Canada as the largest buyer of US homes – and they did so in dramatic fashion, nearly doubling second place $22B to $12B. Chinese buyers’ average home price was an astonishing $831,000, compared to $499,600 for all other international buyers – mostly due to a propensity to purchase in affluent, exclusive neighborhoods. Since 2010, Chinese buyers have spent more than $93B on residential real estate. During that same time, Chinese investors acquired at least $17.1B of existing commercial real estate. Over the next five years, analysts project Chinese buyers and investors to double their commercial and residential investments. After being virtually invisible to the market prior to 2010, by 2015 China was the 3rd largest investor in US commercial real estate, just behind Canada and Singapore. Notable Purchases Made By Chinese Investors since 2010: Key Factors Driving Chinese Investment: ++ Weakening Yen against Dollar, as well as other currencies ++ A burgeoning insurance industry looking for reliable investments ++ High Net Worth Individuals seeking political and financial stability ++ Expedited path to US residency, which is highly sought after among China’s elite ++ China is also the largest purchaser of US mortgage backed securities sold by Fannie Mae and Freddie Mac, having purchased nearly $208B since 2010. ++ A comprehensive analysis of Chinese investment in the US between 2010-2015, both direct and indirect, conducted by Rosen Consulting Group on behalf of the Asia Society, concludes that China was the source of at least $350B in US real estate holdings by the end of 2015. ++ In addition to this much needed capital, since 2010 the EB5 Visa Program has allowed an estimated 20,000 Chinese investors to generate roughly $9.5B of investment capital and create nearly 200,000 jobs for Americans. ++ Strategic Hotels and Resorts Inc. - $6.5B (2016) ++ Waldorf Astoria Hotel - $2B (2014) ++ General Motors Building - $1.4B (2013) ++ 1 Chase Manhattan Plaza $725M (2013) 15 SOCIAL Language Barriers Policy and Social Issues 79% Model Minority Myth ++ The focus on the model minority’s “success” has resulted in a lack of studies that address low achievement among Asian American students. It has prevented counselors, teachers and policymakers from understanding the difficulties and problems of these students, ultimately leading “to official neglect of programs and services for Asian American students.” Source: https://secure-media.collegeboard.org/ digitalServices/pdf/professionals/asian-americans-and-pacific-islanders-facts-not-fiction.pdf A significantly high proportion of Asian American students — 79 percent — speak a language (and/or dialect) other than standard English at home Source: https://secure-media.collegeboard.org/ digitalServices/pdf/professionals/asian-americansand-pacific-islanders-facts-not-fiction.pdf ++ For Pacific Islander students that figure is 43 percent Source: https://www. whitehouse.gov/administration/eop/aapi/ data/critical-issues No Other ++ Policies and statistics routinely lump Southeast Asian students in with all Asian Americans and Pacific Islanders, masking the high levels of poverty and academic barriers in these communities. ++ Pacific Islander students have very different educational backgrounds and experiences than many Asian American students, yet studies on individual subpopulations and disaggregated data are almost nonexistent. ++ There are significant numbers of Asian American and Pacific Islander students who struggle with poverty, who are English-language learners increasingly likely to leave school with rudimentary language skills, who are at risk of dropping out, joining gangs, and remaining on the margins of society, and who are subjected to violence and discrimination on account of race, class, gender, ethnicity, or language. Source: https://secure-media.collegeboard.org/digitalServices/pdf/professionals/asian- Nearly one out of four AAPI students is Limited English Proficient and/ or lives in a linguistically isolated household where parents have limited English proficiency. americans-and-pacific-islanders-facts-not-fiction.pdf Discrimination 30-31% of AAPIs face employment discrimination In a Gallup Poll, 30-31% of AAPIs surveyed reported incidents of employment discrimination, the largest of any group, with African Americans constituting the second largest at 26% 16 State of Asia 2016 / Presented by ++ AAPIs only filed about 2-3% of the total employment discrimination complaints received by the Equal Employment Opportunity Commission against private employers ++ According to a study undertaken by the U.S. Department of Housing and Urban Development, one in five AAPIs experience discrimination in the rental and home buying process. Source: https://whitehouse.gov/administration/eop/aapi/data/critical-issues POLITICS Political Identity and Support ++ The number of registered AAPI voters has increased by at least 600,000 in each of the last 3 presidential election cycles. ›› ++ The number of eligible AAPI voters increased by more than 1.2 million in each of those cycles. AAPI make up 3% of US registered voters ›› ›› That number is expected to reach 5% by 2025 16% 41% 70 % of registered AAPI voters say that they have not been contacted by either party during this current election cycle. AAPI are more than twice as likely to identify as Democrat than Republican, 41% to just 16%. However, 41% did not choose to identify with either party Party Affiliation There is little difference in the party affiliations of Native and Foreign-Born AAPI. There is also little difference between those 18-34, and those 35 and older. Women lean more Democrat than men. 4 3 5 9 4 4 4 0 4 3 6 5 3 4 8 3 4 4 3 0 3 4 6 7 1 1 6 7 1 1 2 8 1 1 6 7 % % % % % % % % % % % % % % % % % % KEY Native Foreign-Born 10% by 2044. 18-34 35 and older Women Men DEMOCRAT INDEPENDENT/ UNCOMMITTED REPUBLICAN The Issues Biggest issues facing “you personally” Biggest issues facing the country (Issue - % of respondents) Economy/Jobs 19% Economy/Jobs 26% Health Care 13% Terrorism/National Security 12% Racism 10% Education 7% Terrorism/National Security 7% SOURCE: Asian American Voices in the 2016 Election Cycle: Report on Registered Voters in the Fall 2016 National Asian American Survey. Karthick Ramakrishnan, Janelle Wong, Taeku Lee, Jennifer Lee. October 5, 2016. / areaa.org 17 AREA A Get Involved Mission Statement Founded in 2003, the Asian Real Estate Association of America (AREAA) is a nonprofit professional trade organization dedicated to promoting sustainable homeownership opportunities in Asian American communities by creating a powerful national voice for housing and real estate professionals that serve this dynamic market. 18 ++ Help us in our fight to increase AAPI homeownership and empower those who serve this dynamic market. ++ With 37 chapters across the US and Canada, plus a National Chapter, it is easy to get involved with an AREAA chapter near you. ++ To connect with a local chapter, or find out which one you should join, visit www.areaa.org or call the National Office at 619-795-7873. State of Asia 2016 / Presented by Local Chapters ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ Aloha Hawaii Atlanta Metro Austin Boise Boston Central Florida Central New Jersey Central Valley Chicago Dallas/Fort Worth DC Metro Denver ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ East Bay Houston Inland Empire Las Vegas Los Angeles Miami New York East New York Manhattan Northern New Jersey Orange County Phoenix Portland ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ Sacramento San Diego San Fernando Valley Seattle SF Peninsula Silicon Valley South Bay Tampa Bay Toronto Tri-County Twin-Cities Vancouver AREA A Keep up with AREAA! Policy Issues for 2017 Student Debt Reform This year we are asking Fannie Mae, Freddie Mac, and the FHA to consider revising their underwriting guidelines regarding assuming 1% of the amount on a student loan in deferred status. Language Access Reform A redesign of the Uniform Residential Loan Application form (URLA) proposed adding a Preferred Language Data Fields to collect information about the languages spoken by loan applicants. Credit Scoring Reform AREAA has long fought for alternative credit scoring systems to help score AAPI who have thin to no credit due to debt-averse lifestyles. This year there are multiple bills before Congress advocating for this change. Learn More About Our Policy Platform at areaa.org/policy Upcoming National Events Global + Luxury Summit April 21-23 Miami, Florida summit.areaa.org Policy Summit May 15-17 Washington, D.C. areaa.org/policy National Convention September 28-30 San Diego, California convention.areaa.org (site coming soon!) Other Entities 100% owned by AREAA, AREAA Global is a forprofit venture that seeks to turn AREAA members’ business and investment ideas into reality. Educating and training the next generation of AAPI leaders in real estate. / areaa.org 19 DOING MORE FROM FOR SALE TO SOLD That’s the sign of a RE/MAX agent SM COMMERCIAL LUXURY RESIDENTIAL About the RE/MAX Network: RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. Over 110,000 agents provide RE/MAX a global reach of more than 100 countries and territories. Nobody sells more real estate than RE/MAX when measured by residential transaction sides. RE/MAX, LLC, one of the world’s leading franchisors of real estate brokerage services, is a wholly-owned subsidiary of RMCO, LLC, which is controlled and managed by RE/MAX Holdings, Inc. (NYSE:RMAX). With a passion for the communities in which its agents live and work, RE/MAX is proud to have raised more than $157 million for Children’s Miracle Network Hospitals® and other charities. For more information about RE/MAX, to search home listings or find an agent in your community, please visit remax.com. ©2017 RE/MAX, LLC. Each Office is Independently Owned and Operated. 17_161878 AREAA 15,000 Members and Growing 37 Chapters Across US and Canada 51 Ethnicities Represented 26 Languages Spoken 2 National Conferences Per Year National Policy Summit Each May National Day of Community Service Multiple Trade Missions to Asia Each Year Find Out What We’re Doing Next areaa.org