Chinese top buyers of US property for 11th year, but Canadians dominate volume

Quick Summary:

Demand for US homes from Chinese buyers affected by a strong dollar and higher prices, which caused investments to slump by over 40 per cent year on year, according to US real estate association.

This was mainly because of Chinese buyers’ preference for properties in traditional destinations such as California and New York, which accounted for 25 per cent and 10 per cent of their total purchases, respectively, according to NAR.

The Chinese acquired 6,000 homes in the same period, 45 per cent fewer than the 11,000 bought a year earlier.

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Article Details

Author / Journalist: Mark Gong

Category: Business

Markets: Hong KongChinaTaiwan

Topics: Buyers Foreign Billion Year Cent According Accounted Homes Existing Residential Chinese

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-19 @ 06:00:18 (12 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 777 words

Reading Time: 5 minutes read

Sentences: 24 lines

Sentence Length: 33 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 21678481

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