BY PIUS K LEUNG

Chinese citizens are the top foreign buyers of homes in the U.S. According to a recent report by the National Association of Realtors (NAR), Chinese buyers have been the top foreign buyers of U.S. residential property for three straight years. As a group, they surpass top buyers from Canada, the U. K., Mexico, and India. Between April 2016 and March 2017, Chinese buyers purchased more than 40,500 housing units—this is a 40% increase compared to the same period the year before. The units purchased between April 2016 and March 2017 were worth a total of $31.7 billion. This is a 16% increase compared to the purchased value between April 2016 and March 2016. Texas, Virginia, Florida and Indiana have become top destinations in 2017 because Chinese buyers are looking beyond just California and New York.

Besides buying residential properties, according to Rosen Consulting Group, Chinese investors acquired at least $17.1 billion in commercial properties. Although 70% of investments are concentrated in the New York, Los Angeles and San Francisco areas, the remaining volume of investment has spread throughout the rest of the country.

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