Chinese buyers flooded the American housing market with more than $6 billion last year, more than purchasers from any other foreign country.
Foreign purchasers from China bought $6.1 billion in U.S. homes from April 2021 to March 2022, which the trade association’s report said was up 30% from the prior year. Canadians bought $5.5 billion in U.S. housing properties, Indians bought $3.6 billion, Mexicans $2.9 billion, and Brazilians $1.6 billion, according to a new report by the National Association of Realtors.
Buyers from China were among the top two most likely groups to buy housing for rental purposes, at 25% of their purchases, according to the report, while Chinese purchases also represented the highest percentage of foreign buyers buying homes for student use. Only India came close to the student use percentage at 5%.A footnote in the report stated that “China includes buyers from the People's Republic of China, Hong Kong, and Taiwan.
The new real estate report said that, overall, foreign buyers bought $59 billion worth of U.S. homes, an 8.5% increase over the prior year, with 98,600 total properties purchased by them in the U.S. — the fewest since the data began being collected in 2009. Just last week, Sen. Marco Rubio , Sen. Kevin Cramer , and Sen. John Hoeven sent a letter to Treasury Secretary Janet Yellen and Defense Secretary Lloyd Austin asking the Committee on Foreign Investment in the United States to “conduct a review of Chinese food manufacturer Fufeng Group’s recent purchase of roughly 370 acres of land near Grand Forks, North Dakota.
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