Wealthy Chinese at home in the US
Changes to the visa controls introduced across the US last year have encouraged a massive buying spree among Chinese real estate investors.
According to figures supplied by the National Association of Realtors the amount of USA real estate purchased by Chinese investors from Hong Kong and China has increased by almost 25 per cent during the last twelve months.
American homes to the value of $7.4 billion were purchased by Chinese buyers during the twelve month period ending in March and the commercial sector saw business premises valued at more than $1.70 billion secured by Chinese business professionals.
One reason for the huge increase in Chinese investment could be the result of the incentive offered by the US Government, any overseas investor who invests more than half a million dollars in USA real estate now qualifies for a three year residential visa.
The three cities most popular with Chinese investors are Los Angeles, New York and San Francisco.