Chinese tourists are spending billions over the next week

2018-02-16
USA

Chinese tourists spending money overseasChina is starting its week-long Lunar New Year holiday and 6.5 million tourists will be visiting countries such as US, Japan and others.  They are expected to be spending billions of dollars during that one week.

The number of tourists traveling overseas is 5.7 percent higher than last year. Each tourist  is expected to spend about 1500 USD during their trips, which points to nearly $10 billion in total from those international tourists over just one week. More importantly, many of these Chinese are visiting the US to view houses and, often, make offers for these American houses. Chinese buyers are very keen on US homes as data published by the National Association of Realtors has shown year after year.

More and more Chinese are looking for overseas real estate investments and use the week long holiday to travel to the US to view houses.  Often, Agents in America will be busy showing these groups of Chinese buyers around with the hope of securing a few deals of these cash ready buyers.

Read more details about the Chinese tourists here on CNBC. To understand where Chinese are buying, read here.

Photo credit: CNBC

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