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Mainland Chinese companies and individuals are ramping up purchases of property in California, accounting for an increasingly significant share of real estate deals in the state.
This according to the South China Morning Post in a story published last Monday, which reported that property agents in San Francisco and Los Angeles fly in groups of Chinese investors, sometimes as many as 50 people in one group, to buy property.
Robert Pearce, a director of Blackfish, a company that markets real estate here, told the Post that mainland Chinese who have ready cash re buying high end property.
According to Blackfish, Chinese buyers accounted for 18% of the $68.2 billion that foreigners spent on homes in the U.S. during the 12 months ending last March 1. The National Association of Realtors estimated that was up 11% from the same period a year earlier.
California is the second most attractive state for foreign buyers of U.S. property after Florida, said an Asia Society report. At present, more than half the homes sold to foreign buyers in California go to Chinese nationals, estimated CNN Money.
The Post article also reported that California, with its historical ties with Asia, has the biggest Chinese population in the U.S. and accounts for more investment deals from China than any other state. This puts it in a position to lead the country in attracting Chinese investment, according to Blackfish.
In the Post story, Andrew Gates, international realty associate broker at auction house Sotheby’s, said that Chinese go to the U. S. for their children to be near schools and universities, clean air, and the American lifestyle.
In addition the number of documented Chinese investments in U.S. real estate has increased from virtually zero five years ago, said the Asia Society report.
Another trend is for Chinese property firms to acquire business properties in California. The Post reported that Shanghai-based Greenland Group acquired a site in Los Angeles in July with a planned total investment of$1 billion.
These Chinese groups see a flattening of their [domestic] market and are looking to the U.S. and California for greater returns, the Post reported.
Time to reinstate the Chinese Exclusion Act before they take over…
Sounds like early retirement for me then. Keep them coming!
This was happening during last year’s presidential campaign about a non-existent ‘recovery’ that is still NOT happening. Most houses 6-16 months ago in Foothill and other ‘good’ neighborhoods were bought by Chinese throughout Bay Area…with CASH. Many cash deals were sight unseen but handled by friends & family here… as investments. Investments in China are not as secure. It is now starting to slow here. Government of Singapore purchased the Claremont Hotel about 8 months ago for investment.. They want a safe place to park money.
Sadly it creates a phony picture of our no-job, no middle-class, non-recovery. Middle-class housing market is not recovering in many areas as a whole.
Ummmm…. this is really old news.
Money is all that is needed to buy what you want. If a property is for sale and you have enough money, you can buy it.
We (USA)outsourced (and continue to outsource) our jobs overseas + we buy the products which are manufactured overseas. It only makes sense that buyers overseas, has more money in which to buy properties in the USA. Even the parent company of Yahoo is owned by a company in China.
The US gov has failed us, by making outsource a viable option for US based companies. We lost jobs, many people were forced to obtain lower paying jobs and even more had to sell/bail out of homes and become renters (BTW- I would not be surprised if some people, above landlords were not based overseas)
Some of you say, people who lost jobs should go back to school and or get re-trained. Yes makes sense, but the gov makes it easier for people overseas to go to school here and more difficult for naturalized citizens.
It is old news.
You know what happens to enclaves…they get chopped up!
Any student of American history is most likely fascinated by the ever increasing number of Asians into America.
It’s a wonderful opportunity for all Americans to welcome our Asian neighbors.
Asians have a very rich and ancient history. I say it’s time to learn!
Open your doors and hearts Americans!
Cholo, you daisies are always so Irrelevant to the discussion. There are many middle and upper-middle Americans who are suffering, and there is NO sign of any recovery for them, or buyers or fair selling prices for their homes, or jobs to keep their homes themselves. IF there were jobs for Americans, we could support our own housing market.
Meanwhile Chinese are buying the high-end. Do not let that mislead you to believe the US housing market is ‘recovering’…it’s not recovering any more than the job market is recovering. It’s not happening.
William Tell, unless one is Native American, we all have roots from another country! If you want to exclude Chinese, do you also want to exclude rich White people of European descent who may buy expensive real estate here?
You are wrong wrong wrong Bubby & Fatz.
If you’re so unhappy that Chinese are purchasing real estate, study why. But Wait, what do you know about studying anything?
NADA!
BUSTED!
Now pack up your RACISM, and go back where your ancestors are from.
SHAME ON YOU!