China biggest buyer of US properties

Buyers from the Chinese mainland, Hong Kong and Taiwan purchased about a quarter of international sales of US properties, according to a report by the US-based National Association of Realtors (NAR) on Tuesday.

For the period April 2013 through March 2014, the estimated investment from the Chinese totaled $22 billion, with 76 percent of purchases in cash, said the report.

California, Washington, New York, Pennsylvania and Texas are top destinations for Chinese buyers.

Over the 12 months ended March 2014, the total sales volume to international clients of the US real estate sector has been estimated at about $92.2 billion, a 35 percent increase from the previous period’s level of $68.2 billion.

"The attractive prices and economic stability of the US housing market are the unbelievable chance for foreign investors", said NAR President Steve Brown.

Other top overseas buyers of US properties came from Canada, India, Mexico and the UK.

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