Chinese buyers dominating the US real estate market

Chinese investors are not only investing in condos in Manhattan, but also acquiring land in Texas. One out of fourteen buyers for US properties that are priced over $1 million are Chinese people. And they are even more dominant in luxury properties in San Francisco, Orange County or Manhattan with over 50% market share. Look at the stunning purchasing power of Chinese buyers - they spend an average of $831,800 for US real estate while Canadians, the second largest foreign buyers of the US real estate, spend an average of $380,800 and Americans spend even less with an average of $250,000 on real estate. A total of $28.6 billion was poured to the US properties by Chinese buyers last year, and 65% of the purchases are completed in cash. There're multiple reasons behind the capital flow from China. Realty Today has the full article.