California the top choice for Chinese homebuyers, who spent 83% more on US homes this year – Orange County Register

By Venus Feng | Bloomberg

Chinese buyers remained the largest group of foreign investors in US residential real estate by both dollar value and number of purchases.

They acquired $13.7 billion worth of homes in the US from April 2024 through March, representing an 83% jump from a year earlier, according to a report by the National Association of Realtors.

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The data shows that Chinese buyers are brushing aside concerns over US-China geopolitical tensions and tighter visa policies. Instead, they are actively seeking overseas assets as a hedge against China’s economic slowdown following years of regulatory crackdowns on the private sector.

Chinese buyers “were more likely to pay in all cash than any other buyer group,” said Juwai IQI co-founder and group chief executive officer Kashif Ansari. He added that the US is considered a safe place for property investment due to its relatively good yields and well regulated market.

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California remained the top choice for Chinese buyers, attracting 36% of purchases, followed by Maryland and New York, each accounting for 9%, according to the data. About 66% of buyers said the homes were intended for personal use, including as primary residences, student housing or vacation homes.