Cash Only For Chinese Buyers
There is no question that Chinese buyers are some of the top foreign investors in the country’s housing market. They have recently been injecting tons of dollars that helped fueled the U.S. housing recovery.
Recent reports, however, also revealed that Chinese buyers, like their Latin American counterparts, are buying properties in cash. As much as 70 percent of Chinese buyers closed their purchases in cash, according to a report from CNN.
Overall, foreign investors have contributed $68.2 billion in the real estate and 18 percent of that number is from Chinese buyers.
Beginning this year, several cities in the country have posted tremendous gains in homes prices.
The real estate climate in the country is certainly effective in pulling out wary buyers. In the past, the Chinese were more into “window shopping” than actually buying. With the recent change in the housing market of the country, however, more and more Chinese investors are grabbing the opportunity to own a property in the U.S.