Chinese are now by far the biggest foreign buyers of US real estate in terms of units, dollar volume and price paid, according to a report from the National Association of Realtors, which tracks property purchases across the country.
In the 12 months to the end of March, Chinese buyers spent $28.6bn on mostly residential property in the US, a 30 per cent increase from the previous year and more than two and a half times the amount spent by Canadians, the next biggest group of foreign 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.
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