Chinese second largest buyers of US residential

GMT 09:32 2014 Friday ,11 July

Arab Today, arab today Chinese second largest buyers of US residential

Resident in US
Washington - QNA

China may be the second-largest economy in the world, but when it comes to buying residential real estate in the United States, it's No 1.
Foreign purchases jumped to 35% last year, and Chinese customers led the way with $22 billion out of the $92.2 billion total spent by foreign buyers in the US real estate market, according to a report by the National Association of Realtors (NAR).
From April 2012-March 2013, Chinese customers spent approximately $12.8 billion in the US market, according to the NAR, and the previous year foreign buyers spent $68.2 billion on US real estate.
The NAR said that among the hot areas for Chinese buyers are Irvine, California, and Los Angeles' San Gabriel Valley, home to several Asian-immigrant communities.
Chinese buyers tend to target higher-priced markets, such as California, Washington, and New York, according to the NAR's report.

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