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Chinese become biggest investors in US real estate

(People's Daily Online)    14:10, May 17, 2016
Chinese become biggest investors in US real estate
(File photo/People's Daily Online)

Chinese investment in the U.S. real estate market has been growing rapidly in recently years. In the past five years from 2010 to 2015, Chinese people had invested 110 billion dollars in U.S. real estate.

A report by non-profit organization Asia Society and Rosen Consulting Group, an influential real estate consulting firm, says that now, for the first time, Chinese outbound direct investment into the U.S. exceeds U.S. investment into China. The U.S. sector that has drawn by far the greatest share of Chinese investments is real estate, both residential and commercial.

From March 2014 to March 2015, Chinese buyers had purchased 28.6 billion dollars' worth of real estate, with a year-on-year increase of 30 percent. This amount from Chinese investors took 26 percent of the total foreign investment in US real estate, followed by Canada, India, Mexico and the U.K.

According to the report, Chinese investors in U.S. real estate also pay more when purchasing homes than their American counterparts. Based on statistics released by the U.S. National Association of Realtors, the average cost of a house in the U.S. for the 12 months before March 2015 was $256,000; Chinese buyers paid an average of $831,800 in the same period of time.

Chinese investors tend to gather in regions with higher real estate price points, including New York City, Los Angeles, San Francisco and Seattle. California is the favorite state for Chinese investors, with 35 percent of Chinese investment in U.S. real estate taking place in California. California is followed by Washington (8 percent) and New York (7 percent). 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Yao Xinyu,Bianji)

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