Chinese homebuyers fuelling US foreign sales
They have spent US$22b on property in the year through March, up 72%
[LOS ANGELES] Henry Nunez, a real estate agent in Arcadia, California, met with so many homebuyers from China that he bought a Mandarin-English translation app for his phone.
The US$1.99 purchase paid off last month, when he sold a five-bedroom home with crystal chandeliers, marble floors and two kitchens, one designed for smoky wok cooking. The buyers were a Chinese couple who paid US$3.5 million in cash.
"Last year, it would've been US$2.8 million," said Mr Nunez, a property broker for 27 years in the city 32 kilometres east of Los Angeles. "The biggest driver is a lot of people wanting to invest their money here."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Luxury private home rents jump in Q1 amid wider market slump: Huttons Asia
Evictions surge in Arizona with housing shortage and rising prices
China property shares firm after Politburo highlights clearing inventory
Dubai billionaire’s children plan to revive troubled world islands
UK commercial real estate lending plunges to lowest in a decade
Hybrid, flexible working set to curb Singapore office usage and rents