California Real Estate Market Sees High Influx of Chinese Buyers

Buyers viewing a property in Los Altos Hills, CA. Photo: MCT

San Francisco and Los Angeles real estate agents reportedly have been flying in groups of Chinese investors, sometimes with as many as 50 people in one group, seeking to purchase property in California. CNN Money estimates more than half of the homes sold to foreign buyers in California go to Chinese nationals, according to an article in www.scmp.com.

Blackfish, a company that markets US real estate, says California has the biggest Chinese population in the US and accounts for more investment deals from China than any other US state, putting California in a position to lead the US in attracting Chinese investment.

Mainland Chinese companies and individuals currently account for 18 percent of the $68.2 billion dollars that foreigners spent on US homes from March 2012 to March 2013, according to the US National Association of Realtors.

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