Well-known Chinese news site Tencent Financial News recently reported, based on a study which led to the conclusion, that China has become the largest foreign investor in the U.S. real estate market, ahead of Canada, which is the second. The Asia Society and the Rosen Consulting Group conducted the research. They found that, in the past five years, Chinese buyers have rushed in with over one hundred billion dollars to acquire U.S. real estate in order to invest their money in safe overseas assets. Although Beijing has recently been trying to block capital outflows, the study estimated that the investment level will double over the next five years to around US$218 billion. The research also discovered that Chinese real estate investments covered a wide range of real estate types including both commercial and residential. The researchers were confident that the actual dollar amount must be higher since the transactions done by proxy companies and trusts may have hidden the source of the funds. Most of the Chinese buyers were found in expensive markets such as New York, Los Angeles, San Francisco and Seattle. However, Chicago, Miami, and Las Vegas are picking up more and more business.
Source: Tencent Financial News, May 18, 2016