FoxNews reports the National Association of Realtors (NAR) says wealthy Chinese have bought over $7 billion of the $82 billion in homes sold to foreign home purchasers, second only to Canada. There are nearly one million millionaires living on mainland China, and about half are interested in investing in the U.S. Having become wealthy from their own business or being in the government, a lot of prestige is attached to owning a home in America. While two million can only get a two-bedroom condo in Shanghai, business is good in Pasadena and San Marino, Calif., where realtor Linda Chang says her area has flourished because of the foreign buyers, many Chinese. “You get a huge bang for your buck, you get land, you get good schools, you get a safe environment, nice community life. It’s been fantastic for the U.S. housing market because we have not suffered as other communities have.” They’re buying homes in states like Fla. and Nev. where the foreclosure rate is high, but they are also purchasing multimillion dollar homes in the east as well. As MHProNews has learned, the current exchange rate favors the yuan over the dollar.
(Photo credit: overseaspropertymall)