American Luxury Real Estate Popular With Chinese Buyers
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Buying overseas real estate is popular among affluent Chinese for a number of reasons. They may be buying property for a son or daughter studying overseas, as a tangible investment or the first step in a long term goal of emigrating to a new country. The following is a curated list of articles that provide insight into the growing trend of Chinese purchasing real estate for personal and investment reasons overseas.
To the rising flow of anecdotal evidence suggesting China’s rich are taking their money out of the country, add this: China is now one of the fastest-growing sources of international buyers for US real estate. Full Financial Times article here.
The six-year slide in U.S. home prices and the dollar’s weakness against some currencies are driving a property-buying binge by Asians, Canadians, Europeans and Latin Americans eager to own a piece of America. Full article at WSJ.
Maybe you’re not surprised, but, according to Inman News, a prominent national source of real estate intelligence, 3.6 percent of all homes sold on Oahu between May 2011 and January 2012 went to buyers with a foreign tax bill address. That’s roughly twice the national average. Read full article here.
The super-rich investors responsible for London’s prime real estate bubble are adding California to their wish lists, lured by bargains offering crisis-defying returns as an overdue churn in the United States property market finally gets under way. Read full Reuters article here
Years of soaring housing prices have driven many Chiense to invest in the overseas real estate market.
Vancouver, Toronto, London, Singapore and New York are among the hottest choices. But, do overseas real estate investments come without any risks? Watch the CCTV video here.
But a curious thing happened in Southern California’s luxury real estate market –especially among properties priced at 2 million U.S. dollars and higher. Now bidding wars are erupting homes are selling faster than they’re listed … and agents are being bombarded with multiple offers at a time. Mcgahee says,“What areas in Los Angeles are you seeing these kind of bidding wars going on?” Watch the CCTV video here.
A young Chinese couple has paid $34.5 million for a 36,000 square foot French-style mansion in Beverly Hills owned by real estate developer Fred Wehba. The buyers — Siqiao Ning and his wife, who goes by Karen — are entrepreneurs and are based in China, although they spend time abroad, according to a person close to the couple. Read full article at WSJ
China has emerged as one of the fastest-growing sources of international buyers for US real estate – in what some see as a sign that China’s rich are increasingly seeking to take their money out of the country. Read the Financial Times article here.
…the rapid growth of wealthy Chinese individuals saw a 23.3 percent increase in their property purchases in the U.S. over the last 12 months and an 88 percent increase from just two years ago. Read the Economy Watch article.