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China is now the second-largest foreign buyer of U.S. homes
Brief:Chinese became the second-largest foreign buyer of U.S.real estate,they account for at least $7b in sales annually in U.S. homes, or 11% of international sales activity from the beginning of 2012 to March.
According to the National Association of Realtors (NAR), people from mainland China and Hong Kong account for at least $7b in sales annually in U.S. homes, or 11% of international sales activity from the beginning of 2012 to March. This makes Chinese buyers the second-largest foreign customers of U.S. homes.

Foreign nationals account for around $82.5b, or 8.9% of the $928b spent on U.S residential real estate from April 2011 through March 2012, according to a survey from NAR. That was a major increase from last year, which increased by 24%.

Since the U.S. housing market went down in 2008, Chinese investors have flooded the U.S. housing market, taking advantage of lower exchange rates, lower prices, and even record-low mortgages.

Many Chinese millionaires are making their housing dreams come true in the United States. The Forbes report said “The influx of newly minted millionaires has inspired developers to reserve units on floors with the number ‘eight’ in new condo projects — like Manhattan’s One57 — for Chinese buyers (Chinese consider eight to be a lucky number), and real estate brokers are embarking on overseas marketing trips that have resulted in big-ticket purchases like Beverly Hills’ $34.5 million Wehba Mansion.”

Chinese customer’s reasons for why they have bought U.S. homes have drastically changed since a few years ago. In the past, they bought homes for housing demands, and because they wanted to give their children a Western education, and give themselves a quite and healthy retirement life. But this has been replaced by investment returns because the properties are so cheap. For corporations, the overseas office could be used for rent, investment, or even has a part of their overseas expansion.

Related News in Chinese:
中国目前美国住宅的第二大海外买家
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