NEW YORK CITY—Law firm Paul Hastings recentlyconducted a media roundtable on Asia outbound investment in US realestate. This Q&A is based on that discussion, withparticipation by partners Phil Feder, JohnCahill, James Han, RickKirkbride and Joel Rothstein.

In the past, mainland buyers have been driving upthe prices in Hong Kong. The median housing price in Hong Kong isnow approximately four times greater than New York. Do you thinksome of those buyers are shifting overseas towards the USmarkets?

Phil Feder: I have certainly seen that trend. Ithink another trend that is accelerating that trend is theavailability. Although it's temporarily suspended, the generalavailability of EB5 financing is just making it easier forindividual Chinese citizens to invest in the US, get a Visa, bringtheir children here and get them educated in US universities andhigh schools. So that's a very strong trend. I think that coupledwith the Chinese government's encouragement for foreign investmentand sitting on billions of US dollars, they want to get out anddiversify out of Hong Kong.