Chinese purchases of US homes up 23%

China has become the second-biggest group of foreign investors in US homes behind only Canada, indicating a growing number of rich Chinese are seeking to shift assets abroad, Financial Times reported. Sales to Chinese homebuyers reached US$9 billion in the 12 months to March 2012, up 23% from the previous year and up 88% from 2010, according to the National Association of Realtors (NAR). “International Chinese buyers are seen as a very desirable market by real estate agents at the moment,” said Jed Smith, managing director at the NAR. Wealthy Chinese prefer homes from US$1 million apartments to US$20 million trophy properties, according to realtors. Pamela Liebman, chief executive at the property brokerage firm Corcoran Group said there has been a “huge” influx of rich mainland Chinese buying high-end properties in New York since the start of the year. Reasons for purchasing American homes are mainly immigration, education and investment assets.