Date
23 November 2017
Chinese buyers spent US$22 billion on homes in the United States in the year to March. Photo: Bloomberg
Chinese buyers spent US$22 billion on homes in the United States in the year to March. Photo: Bloomberg

Chinese lead foreign spending on US homes

Chinese buyers were the biggest purchasers of US homes in the year to March, spending US$22 billion amid the yuan’s appreciation, growing affluence and fears about an economic slowdown in China, Bloomberg reported Tuesday, citing the National Association of Realtors.

Chinese accounted for 24 percent of the US$92.2 billion spent by foreign nationals on US housing and acquired 16 percent of the homes sold to foreigners, the report said. Canadians bought 19 percent of the residences.

The amount spent by Chinese was a 72 percent increase on the previous year. 

“It’s just the beginning of a tidal wave,” Lawrence Yun, the association’s chief economist, was quoted as saying.

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