Out of the 35 per cent increase in foreign sales, 24 per cent were from China, and they bought $22 billion of U.S. real estate.
Asian buyers prefer houses in L.A., San Francisco, and Manhattan, and are helping the prices rise higher for everyone else. A real estate agent from California revealed that Asian buyers often purchased houses more three 3 million dollars with cash.
So why the surge?
Chinese people like to buy houses in the United States because it’s cheaper than buying in China and they want their children to be educated in the U.S.
Chinese people are worried about the political uncertainty in China and want to secure their wealth overseas.
So far more than 60 per cent of multi millionaires in China either have immigrated or are in the process of doing so.
Perhaps it seems more likely they will fulfill their Chinese dream on American soil.
Translated from Secret China by Felice. Research by Mona.