Chinese Home Buyers Focus on California, Washington, New York

Friday, 25 Jul 2014 11:12 AM

By Dan Weil

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The Chinese represent the biggest foreign buyers of U.S. homes, spending $22 billion in the 12 months through March, according to the National Association of Realtors (NAR).

And 51 percent of the purchases were in California, Washington and New York. California accounted for 35 percent, Washington for 9 percent, New York for 7 percent, and Pennsylvania and Texas for 6 percent each.

Juwai.com, a Hong Kong-based web site that pairs Chinese buyers with U.S. properties, says Los Angeles, San Francisco, San Diego, New York and Seattle, are the cities that most interest Chinese buyers, CNNMoney reports.

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The Chinese choose California because of its proximity to China and because its big cities are home to many Chinese-Americans and have pleasant climates and lifestyles, Andrew Taylor, Juwai's co-CEO, told the news service. "Plus, it has a thriving tech industry that employs many Chinese."

The Chinese are interested in Washington for work, education, or just to invest, Taylor said.

A total of 39 percent of Chinese buyers live in their U.S. homes full-time, according to the NAR.

We may need all the Chinese purchases we can get. New home sales plunged 8.1 percent in June.

"The housing data on balance has looked weaker than some of the other indicators on the economy," Michelle Meyer, senior economist at Bank of America, told Bloomberg.

"The tightness in credit conditions has limited the pool of prospective buyers."

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