Real estate firms abandon marketing to Chinese as sales plunge
A $17 billion drop in Chinese purchases of U.S. residential properties has real estate firms formerly looking for sales from China changing their pitch. The National Association of Realtors reported July 17 that international buyers spent just under $80 billion on U.S. residential properties in t
Published -
Jul 26, 2019 7:04 AM
A $17 billion drop in Chinese purchases of U.S. residential properties has real estate firms formerly looking for sales from China changing their pitch. The National Association of Realtors reported July 17 that international buyers spent just under $80 billion on U.S. residential properties in the year ended March 2019, down 36 percent from $121 billion the year before. The biggest drop was among Chinese buyers, who spent $13.4 billion on U.S. residential property in the 12-month period that ended in March, down 56 percent from spending $30.4 billion the year before. (In the NAR report, a year’s data runs from April of one year to March of the next. Thus, Crain’s references to 2019 mean the year that ended in March 2019, and likewise for other years.) The decline, precipitated first by China putting limits on capital leaving the country and later by the current U.S.-China trade war, ended a five-year shopping spree by Chinese buyers. The spree first ignited in 2014, when Chinese purchases in the U.S. totaled $22 billion, an increase of nearly 72 percent from the prior year.
Tags : INTERNATIONAL