Chinese account for 16% of foreign investments in U.S. housing; all foreign buys up 35%

Real estate tycoon Zhang Xin of SOHO China. Xin and thousands of other wealthy Chinese individuals and companies are snatching up U.S. real estate.
Real estate tycoon Zhang Xin of SOHO China. Xin and thousands of other wealthy Chinese individuals and companies are snatching up U.S. real estate.

Forbes

Ever wonder why New York real estate prices are so high? Well, sure there is an issue of space, and the fact that New York is a world city with people from Russia and China gobbling up apartments like Pacman enroute to a power pellet. But one of the biggest supporters of real estate pricing these days is the Chinese buyer.

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 U.S. real estate market, according to a report published July 8 by the National Association of Realtors (NAR).

From April 2012-March 2013, Chinese buyers spent approximately $12.8 billion in the U.S. housing market, according to the NAR, and the previous year foreign buyers spent $68.2 billion on U.S. real estate.

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