Within The US, New York Was The Most-Searched City For Chinese Real Estate Buyers

Chinese Say Buying Suits US
By Steve Viuker on August 2, 2013

The WSJ reported that the U.S. ranks tops among mainland Chinese looking to buy homes outside their country, with New York being the most popular city. This according to the Chinese-language property website Juwai. The site (which means “home overseas”) posts sales listings for homes from 53 countries. And owning real estate abroad is becoming increasingly a middle-class venture. Previously, Chinese buyers were more likely to be wealthy families.

Andrew Taylor, a founder and co-chief executive, told the WSJ: “What’s changing is that they’re now looking for lower-priced properties instead of just searching for the ultra-luxury homes. People are looking for yield, and they want to diversify out of China. It’s not just the wealthy who are buying: The upper-middle-class are searching for properties under US$1.1 million and the real sweet spot is under US$750,000.”

Juwai helps real estate agents translate their listings into Chinese and posts them on the site for a flat advertising fee. The U.S. was an overwhelming favorite destination to buy, with triple the searches than second-place Australia. The U.K., Singapore and Canada made up the rest of the top five. Within the U.S., New York was the most-searched city for Chinese real estate buyers, followed by San Francisco, Palo Alto, Los Angeles and Orange County.

http://www.totalmortgage.com/blog/commentary/chinese-say-buying-suits-u-s/22030
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