Chinese purchase of US property at record high

Chinese buying of US residential property hit a record high of US$31.7 billion in 2016, up at least US$4 billion, according to the US National Association of Realtors (NAR). Its 2017 Profile of International Activity in US Residential Real Estate, found that between April 2016 and March 2017, China maintained its top position in terms of dollar sales for the fourth straight year, the South China Morning Post reports. That $31.7 billion is up from last year’s $27.3 billion but down slightly on 2015’s $28.6 billion. Chinese buyers also bought the most housing units for the third consecutive year, 40,572, up from 29,195 in 2016. NAR found that among Chinese buyers, 65% paid cash, while 26% used a US mortgage. China ranks just 18th in the world by aggregate ownership of foreign real estate and other assets compared to gross domestic product, at just 12%, well below the average of 42%.