Chinese nationals are now the second biggest immigrant block in the United States and have also become the biggest foreign purchasers of American property, a new study has revealed. Rosen Consulting Group and the Asia Society’s new study discovered that there was a massive rise in the number of commercial and residential real estate purchases by Chinese nationals over the course of the last five years, amounting to over $110 billion.
The report also says that the contribution made to the US real estate market by Chinese nationals has assisted the market to recover from the 2008 economic crisis. The investment in real estate by Chinese immigrant nationals has also been a great help to other countries such as Australia and the United Kingdom to escape from last year’s world stock market crisis, according to the report.
The study adds that despite the harsh stands taken by Beijing in regards to capital outflow in 2015, the decade’s overall figures are likely to have doubled to as much as $218 billion in total. The study points out that China is noteworthy and different because of the combination of its breadth of participation across all categories of real estate and the high volume of its investment, making it unique in terms of residential purchases.
The study is based upon data taken from private and public real estate industry records, but does not take into account trusts and front companies that fail to identify the source of the funding.