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Silicon Valley Association of Realtors President Suzanne Yost, center front, and several local realtors participated in a recent professional exchange with a delegation of Chinese government officials.
A delegation of high-level Chinese government officials visited the Silicon Valley Association of Realtors (SILVAR) office in Cupertino recently, conducting a professional exchange with local realtors regarding the practices of real estate, property taxes, homeownership and housing development.
Welcoming the Chinese delegation were SILVAR Executive Officer Paul Cardus, President Suzanne Yost, Director John Tripp, SILVAR Global Business Council Chairwoman Jennifer Tasto, Palo Alto District Councilwoman Amy Sung and Cupertino Vice Mayor Gilbert Wong.
The Chinese delegation included 10 government officials from the Department of Housing Reform and Development, Urban Planning and Central Housing Reform offices from Zhejiang Province, Jiangsu Province, Shanghai and Beijing.
Through an interpreter, Yost explained the California Department of Real Estate requirements for real estate licenses to the Chinese officials and the difference between a realtor and a real estate agent, noting that realtors belong to the National Association of Realtors and abide by its code of ethics.
“It was an honor for SILVAR to be chosen to meet with the Chinese delegation,” Yost said. “Our local realtors are critical in helping the foreign buyer navigate our local, state and federal tax laws, regulations and requirements when purchasing real property. It was an informative and eye-opening exchange.”
The delegation’s visit came on the heels of the Certified International Property Specialist (CIPS) Institute, a full week of courses offered by the association. The CIPS designation earned by realtors is designed to equip them with the skills to handle transactions with foreign buyers and immigrants.
“It was evident from the meeting that our world is more global than ever, and so is the business of real estate,” Tasto said. “The exchange of information with our guests from China demonstrated that our area, Silicon Valley, is highly regarded internationally.”
In addition to meeting and learning from the local realtors, the Chinese delegation met with housing officials in Washington, D.C., Los Angeles and San Francisco.