China remains top buyer of US real estate

Chinese buyers injected $27.3 billion, 29,195 houses, in the US housing market, making it the biggest foreign buyer for the second year, accounting for 26.7% of the total amount of residential real estate transactions. There're some characteristics for Chinese buyers compared to other foreign buyers. They prefer central cities and more expensive suburban areas. The average purchase price of Chinese buyers reached $936,615, far ahead of other group of buyers. Geographically, California, New York, Texas, Washington, and New Jersey attracted one third of Chinese buyers, and New York alone accounted for ten percent investment. Most Chinese investors buy US properties for their children studying at a US university. And 71 percent of Chinese buyers buy by cash. Read more here.