Chinese dominate foreign US home purchases for first time

Chinese buyers topped Canadians to rank as the biggest foreign purchasers of United States homes by both sales and value, accounting for more than one-quarter of all international spending.

Buyers from China spent $28.6 billion on US homes and made up 16 percent of transactions by foreigners in the 12 months through March, according to an annual report released on Wednesday by the National Association of Realtors.

Canadians, who had led international purchases since 2008, ranked second with $11.2 billion in spending and a 14 percent share of sales.