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July 12, 2014

Chinese Buyers Are Coming to America

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Chinese Buyers Are Coming to America

Chinese buyers are increasingly looking to U.S. real estate -- and California in particular -- as they pay all cash for homes and plan to use their homes as a “safe haven for their wealth,” CNBC reports.

Some are buying multiple homes as investments, while others are finding homes to move their families to the United States. 

"They see the market here still has room for appreciation," says Kinney Yong with RE/MAX Premier Realty in Irvine, Calif. "What's driving them over here is that they have this cash, and they want to park it somewhere or invest somewhere."

Education is a big attraction for Chinese buyers eyeing American real estate too, real estate professionals say. 

"We are seeing a lot of Asians who are buying as an investment, but their kids are going to school here, so kids live in the home. They are looking at it more as an investment in education," says Emile Haddad, CEO of Fivepoint Communities, developer of the Great Park Neighborhood.

Chinese and Canadian buyers are the fastest-growing sources of foreign buyers of U.S. properties in recent years, according to the National Association of REALTORS®’ 2013 Profile of International Home Buying Activity. Chinese buyers tend to purchase property in the upper price ranges, with a median price of $425,000, and typically in California, according to the report. 

Builders are taking notice of the large influx of Asian buyers and are tailoring new homes to the demand of Asian buyers, such as incorporating multigenerational floor plans and designs that incorporate the philosophies of feng shui. 

Source: “Chinese buying up California housing,” HousingWire (Nov. 25, 2013)

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