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Economy
15 key US states where Chinese citizens are buying $6B of property after being banned by other countries for pushing up house prices; Ron DeSantis calls it a 'huge problem'
2022-07-29
[Daily Mail, where America gets its news]
  • California and New York are the top two spots for Chinese buyers in the US, followed by Indiana and Florida, tied for third

  • Chinese buyers spent $6.1billion in the US on mainly primary residences (52 percent) and residential rentals (25 percent)

  • Florida has hit its 14 consecutive year as the number one spot overall for foreign buyers, which Governor Ron DeSantis, 43, called a 'huge problem'

  • Chinese buyers are being pushed out of other countries, like New Zealand and Australia for driving up housing prices

  • Many are doing so to avoid paying income taxes in their home country, it has been reported

  • Like New Zealand and Australia, DeSantis wants to impose foreign taxes on them to deter them from buying on US soil

  • 'I don't think they should be able to do it. I think the problem is these companies have ties to the CCP, and it's not always apparent,' DeSantis said
A total of 6,100 properties in the US are owned by Chinese citizens and they spent an average of $470,600 for it.

More than 65 percent bought detached single-family homes. Ten percent bought condominiums and nine percent bought townhouses.

Overall, Canada was the second largest buyer at $5.5billion, followed by India at $3.6billion, followed by Mexico at $2.9billion, Brazil at $1.6billion, and Colombia at $1billion.
From the Wharton School of Business report on which this Daily Mail article is based:
Foreign buyer purchases made up 4% of the $1.7 trillion existing-home sales last year, the NAR report noted.

Chinese investments in U.S. housing reflect in part a flight of capital from China in recent years, said Keys. “A big part of that was about wealthier Chinese citizens moving their money abroad to avoid taxes and to avoid scrutiny,” he added. In fact, China in 2016 experienced “the greatest episode of capital flight in history,” according to a Wall Street Journal report at the time.
Posted by:Skidmark

#3  They have been doing this for years. They escape China for a variety of reasons. Locate where there are few Chinese to compete with. Long term they loose connection to homeland. Children will not go back. Mixed blood not welcomed. Well known in South Korea about aversions to mixed blood. Currently in China foreigners not welcomed. Major housing disaster occurring now. Those with the resources are escaping now as able.
Posted by: Dale   2022-07-29 08:52  

#2  The whole world can buy our properties without even setting foot on our soil!

Not quite. Some states have 'foreign' ownership restrictions.
Posted by: Procopius2k   2022-07-29 06:53  

#1  Yeah, China heavily restricts anyone who's not Chinese from buying property in China. They can't have soaring prices because their own people have to buy homes.

Not so in America! The whole world can buy our properties without even setting foot on our soil! Then keep the property empty or with sky-high rent. They don't care if they don't get tenants. The choice is keep it in their country and lose it, or put it in US real estate.

But we need those houses to live in. Good thing the US government hates our guts and considers us an enemy! They won't lift a finger to help us. Billions for Ukraine but not one cent for Americans.
Posted by: Tiny Jeater6933   2022-07-29 02:41  

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