Chinese home buyers are buying billions of dollars of real estate in the United States. They are now the largest international investors in the American real estate market. It is estimated Chinese home buyers spent in excess of $22 billion in real estate acquisitions during the past twelve months within the States of New York, California and Washington. California is the state with the most activity by Chinese home purchasers. This is partly because it is the closest state to mainland China. In San Francisco and Oakland, Chinese real estate investors have had a significant impact on inflating real estate prices.
Chinese Home Purchasers in New York
Chinese real estate investors are especially focused at buying high end properties in Manhattan. A significant portion of these acquisitions of real estate are not to be lived in by the purchasers. They are simply investments in property in the United States. To Chinese investors, owning property in New York is a safe haven for their money. These real estate purchasers also look at purchasing property in the United States as a means of diversifying their assets. A significant number of the Chinese people investing in the United States never see the property or actually come to the United States for the transaction. The transactions are handled through middle men on behalf of the Chinese purchasers. It is estimated less than 40% of the Chinese real estate purchasers in the United States involve families who plan on living on a full time basis in these homes.
Elliot Schlissel is a foreclosure defense lawyer. He represents New Yorkers whose homes are foreclosed on. He has been successful in keeping his clients in their homes, and in many situations, helping them obtain mortgage modifications. His office offers free consultations with regard to foreclosure issues.
