Chinese investors spent $50 Million on Grand Strand properties

MYRTLE BEACH, S.C. (AP) – Records show that Chinese investors are buying a lot of golf courses and other properties in the Myrtle Beach area.

The Sun News reported that Investors from China have spent nearly $50 million buying more than a dozen golf courses in the area in the past two years.

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.

Myrtle Beach Mayor John Rhodes said he would like to see a large high-rise hotel built to cater to the Asian culture.