Wealthy Chinese are snapping up U.S. real estate

2017-08-07
China

Why Chinese are flooding to buy the US real estate? Because the rich Chinese are thinking of and planning on their exit strategy out of China, and the US is their top target country. Five out of the top six destination cities for Chinese are in the US. Together with other international buyers, residential properties worth of US$153 billion in value, or 284,455 properties in the US, were purchased by foreign buyers in the year ending in March 2017. The dollar amount increased 49 percent year-over-year. Chinese alone contributed US$31.7 billion. You might be surprised if you compare the average property price of US$780,000 for Chinese investors with Chinese law which only allows Chinese individuals to remit US$50,000 annually. Read more here

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