“Chinese are widely interested in the U.S. markets,” says Andrew Taylor, co-CEO of Juwai.com, an international property website for Chinese buyers. “The data shows they are investing in many places and in greater amounts than most people realize.”
Chinese buyers spent $8.2 billion on U.S. property in 2012, which generated about $492 million in commission for real estate agents that year, according to data from the National Association of REALTORS®.
Chinese investors looking for U.S. property are motivated by profit potential of underpriced housing markets; educational opportunities for their children; and an international diversification of their investments, Taylor says.
In a new report, Juwai.com reveals the following 10 U.S. cities are receiving the most interest from Chinese property hunters:
1. New York
2. Los Angeles
7. Las Vegas
9. San Diego