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Chinese Purchase $25 Million Oceanfront Property

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It didn’t take Myrtle Beach locals long to discover what impact China’s stock crash of this past week would have on Chinese investments in the Myrtle Beach area.   Just yesterday,  Chinese investors purchased the lot adjacent to the Vista Del Mar.  The Vista Del Mar is located near the Dunes Club in Myrtle Beach, S.C.   (Map below of the Bear Branch lot purchased.)


A copy of the purchase recorded in S.C. Horry County Deeds Records can be seen here.   It is the first link listed on this page.

The property was purchased by a company named ATLANTIC DEVELOPMENT COMPANY LLC .

The registered agent for Atlantic Development Company, LLC is Christopher W Del Rossi.  Mr. Del Rossi is an attorney who practices law in Chapin, S.C.

The grantee for the property is Xian Dou.   MyrtleBeachSC.com’s research team found one Xian Dou listed with a N.Y. address.

A key purchaser of the Myrtle Beach National Company’s golf course group this past May was a Chinese investor named Nick Dou.

As of this morning MyrtleBeachSC.com has researched and determined that Mr. Xian Dou is, infact, also Mr. Nick Dou.

At the time of that May investment,  Myrtle Beach Area Chamber of Commerce President Brad Dean was quoted as saying,  “As key players in our tourism industry, Mr. Dou and Mr. Liu can certainly influence how the destination is marketed.”

Some local hotel owners and local merchants have expressed concerns that a large influence of non U.S. citizen investments into the Myrtle Beach market could work to change the market entirely.   The Chinese stock market crash of just this week is only one example of how Myrtle Beach’s economy may be more and more tied to and controlled by events beyond America’s shores.

Several hotel owners and merchants,  however, expressed to us via email today that they see these Chinese investors as a great potential for an exit strategy for any small operators in the market.  MyrtleBeachSC.com marked how it is curious that Chinese merchants focus largely on an inheritance exit strategy above and beyond the American model exit strategy,  which is to sell the asset and business out entirely.

As we previously reported,  a proposed plan to re-develop the entire former Ocean Boulevard Pavilion Area with Chinese financing has raised eyebrows citywide.

We will update our readers as this story develops.

 

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About David Hucks

Born in 1961, David is a 12th generation descendant of the area we now call Myrtle Beach, S.C. David attended Coastal Carolina University and like most of his family, has never left the area. David is the lead journalist at MyrtleBeachSC.com

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