Top 10 Cities For Chinese Buyers
Posted by Wei Min Tan on September 21, 2017
Publication: CNN Money
Summary: Fueled by the Chinese economic boom, Chinese buyers continue to invest in U.S. real estate. Los Angeles and New York are the top U.S. cities attracting Chinese property buyers. More surprisingly, Philadelphia and Detroit are the #3 and #4 cities attracting Chinese investors. The median price of property purchased is $425,000, which is higher than the U.S. median price of $199,500. Wei Min Tan, Manhattan property agent, talks to CNN reporter Les Christie about Chinese buyers investing in Manhattan.
Wei Min’s comments in article: According to Wei Min, most Chinese buyers buy to rent out for rental income or as a vacation home for when they are visiting New York or the U.S. They may have a child attending college in a U.S. city and fly into New York first where they would use the vacation home. Wei Min further explains that Chinese buyers usually invest in properties in the $1 million to $3 million range. Rarely in trophy properties of $15 million or up, which is a very small sliver of the market anyway.