Chinese citizens became the largest foreign buyers of homes in the United States last year as they poured more than $ 150 million in real estate over the past five years, a new study has found.
- Canadians have been relegated to the second to the Chinese purchases of US homes Surge has helped the housing market recover from the economic crisis of 2008 Chinese buyers pay an average of more than $ 1 million home
- And despite a slowdown due to the repression of Beijing on capital outflows, is likely to double that in the second half of this decade, the study of the Asia Society and Rosen Consulting Group.
Chinese Real Estate BuyersThe huge increase in Chinese buying both residential and commercial real estate has helped the housing market recovers from the crisis that began in 2006 and the economic crisis of 2008 was precipitated.
"What makes it different from China and noteworthy is the combination of the high volume of investment (and) the extent of their participation in all categories of real estate," including a "unique entry into home purchases" said the study.
The study authors said their numbers, based on industry data real public estate and underestimates the total, as misses purchases made by front companies and trusts that does not identify the source of the funds.
According to the study, Chinese purchases of US households far exceeded its investment in commercial buildings and land.
$ 23 million in the commercial property market,Between 2010 and 2015, Chinese buyers put more than $ 23 million in the commercial property market, with the latter half of last year alone.
However, during the same period, at least $ 127 million was allocated to households in the United States, and in the 12 months to March 2015 - the latest period for which they could obtain data relatively complete - purchase housing amounted to $ 39 million. That put Canadians last Chinese, who have long been the biggest foreign buyers of US residential real estate.
Geographically, Chinese buyers are concentrated in the most expensive markets: New York, Los Angeles, San Francisco and Seattle, but Chicago, Miami and Las Vegas have also been drawn buyers.