Gateway Pundit By Julian Conradson 7/28/2022
In the Past Year, Chinese Investors Purchased $6.1 BILLION Worth of Property in The US After Being Banned by Other Countries for Pushing Up House Prices
This week, a report by The National Association of Realtors (NAR) revealed that activity from foreign real estate buyers increased substantially for the first time in three years.
All in all, foreign citizens bought $59 billion dollars in US property in the past year; however, none were as aggressive with their funds as the Chinese, who spent a staggering $6.1 billion across fifteen different states in the US between April 2021 to April 2022 – which amounts to an increase of nearly 30% over the year prior.
With Biden in office, Chinese investors are gobbling up US houses at an alarming rate.
From the Washington Examiner:
“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.”According to NAR, the increase in Chinese buyers comes as other countries begin banning Chinese investments because they contributed to skyrocketing housing prices in other markets. Nevertheless, the US allows their dollars to keep pouring in. California, with 31% of all Chinese purchases, is by far the hottest spot for Chinese investors in the US over the past year. Followed by New York in second place. Flordia and Indiana are tied for third.
Not only are Chinese investors leading the pack in total dollars, but they are also spending the most per property. With the average home price in the US approaching $400,000 for the first time in history, foreign investors have been paying an average of 600,000 per home. However, this number jumps up to a staggering $1,000,000 average purchase price for Chinese buyers.
In other words, as Americans are rapidly priced out of owning their own home, wealthy foreigners are being allowed to gobble up the dwindling housing supply.
More:
https://www.thegatewaypundit.com/2022/07/past-year-chinese-investors-purchased-6-1-billion-worth-property-us-banned-countries-pushing-house-prices/
