Publication:  CNN Money

Summary:  Chinese property buyers have become the largest group of international investors of American property.   The top states attracting Chinese buyers are California, Washington and New York where property prices are on the high end of the price scale.  Surprisingly, Chinese buyers also go to Detroit, Michigan, to scoop up cheap property.

CNN reporter Les Christie interviews Wei Min Tan on Chinese property buyers who are buying New York property as a form of asset diversification.

Wei Min’s comments in article:  The volume of Chinese buyers have been increasing, driven by the economic boom in China.  Many Chinese investors buy property in New York for investment purposes.  These are property that they will never live in but instead will rent out.  The focus price point is between $1 million to $4 million and the objective is asset diversification, as a hedge.