China tops list of foreigners buying US real estate

[unhappycamper]

http://atimes.com/2015/06/china-tops-list-of-foreigners-buying-us-real-estate/

China tops list of foreigners buying US real estate
By Asia Unhedged on June 18, 2015

~snip~

China now tops the list of foreigners buying US real estate in terms of units purchased and dollar volume, according to a report from the National Association of Realtors, which tracks property purchases across the country.

~snip~

Buyers from China and India tended to buy in states with relatively high property prices. Their favorite spot was California, where they made 35% of the purchases. Other major destinations included Washington, New York, Massachusetts, Illinois, and Texas. About 39% of purchases were for residential purposes, and another 7% were for residences for students while studying in the US Canadians tended to buy in Florida and Arizona, areas with lower property prices.

About 69% of the Chinese purchases were reported as all-cash, compared with 55% for all international purchase and 25% made by US buyers.

“With the Chinese economy and real estate market slowing dramatically and a vociferous anti-corruption campaign in full swing at home, Chinese buyers have been scrambling in the past few years to buy real estate abroad,” said the Financial Times. It said they have become the biggest buyers of housing in many major English-speaking western cities with good education systems, excellent quality of life, strong rule of law and strong property rights, including New York, London, Sydney, Vancouver, Toronto and Auckland.

--
The Chinese already own the New York’s Waldorf-Astoria:
http://atimes.com/2015/06/us-to-abandon-chinese-owned-waldorf-at-un-general-assembly/

[FreakinDJ]

1. Good time to increase the tax rate on Foreign owned real estate

But "Hell No" they won't do any thing to harm their "Investor Class" Buddies - they'll increase taxes on the poorest, hardest working Americans

[Erich Bloodaxe BSN]

2. A lot of countries don't allow foreigners to actually own land, but only to rent it.

I think China is one such country, no?