Chinese parents splash out on US properties to pay for children’s college education

We can see many Chinese students coming to the US to study. Many of their parents are buying US real estate and hope that the profit could cover the tuition fees. Buyers from mainland China as well as Taiwan, Macau and Hong Kong are the top origin of international buyers for US property. You can see open houses are always packed with groups of Chinese people, and many of them are from first-tier mainland cities such as Beijing, Shanghai and Guangzhou. One of their popular type of investment is a studio or one-bedroom unit in New York. One student at the University of Pittsburgh paid US$600,000 for an apartment, leases it to a few people, and tries to save rent money which he used to pay.

Source: South China Morning Post, Sep 2017