Chinese buyers plant a flag in the US suburbs

With domestic economy slowdown and RMB depreciation, Chinese buyers dominate international home buyers in the US for the second year ending March 31st 2016. About 29,195 properties ($27 billion) was purchased by Chinese buyers during the year. Canadians are the second biggest foreign buyer group with 26,851 homes purchased but only $9 billion total amount. Chinese buyers paid $936,761 on average for a home, up from $831,761 the year earlier, much more than the $477,462 average price paid by international buyers and $266,682 average price paid by US home buyers. Many of the Chinese buyers are new immigrants, and more people buy for their children studying at a university, up from 7% to 13%. However, Chinese investment grows slower partly due to the capital control. Read more here.