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The median purchase price among all foreign buyers was $302,290, compared to the median price of $235,792 for all homes sold in the US. Chinese buyers far outspent other countries on the typical house, paying a median price of $529,900. “This can be attributed to the tendency of Chinese buyers to purchase residential properties in central cities and suburban areas with relatively higher property prices such as California, New Jersey, and New York,” the report noted.
Chinese like to pay for these domiciles in cold, hard cash. The report reveals that 65 percent of buyers from China made all-cash purchases, whereas 26 percent chose to take out mortgage loans from US sources, and four percent relied on mortgages from China – compared to 44 percent of overall foreign buyers plunking down cash.
Thirty-nine percent of Chinese buyers intended to use their new properties for residence, while 21 percent viewed the purchase as a residential investment, and 18 percent planned on both vacation use and residential investment.
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Although Chinese home-buying grew significantly, most of the overall growth in US housing sales during the 12 months through March came from Canadian buyers, who snapped up $19 billion worth of homes, a massive increase from the 2015 figure of $8.9 billion. NAR attributes this hike in activity to fast growth in home prices in Canadian cities including Vancouver and Toronto that has outstripped price gains in the US.
Similar considerations apply to China, where an overheating residential market especially in first-tier cities has made US housing look affordable by comparison. New-home prices rose month-on-month in 60 out of 70 mainland cities in June, even though strict regulatory curbs dampened values in Shanghai and Beijing, according to official data. Nationwide, new-home prices rose 10.2 percent in June compared to the previous year. Home prices are also still climbing in Hong Kong, which retains the dubious title of the world’s most unaffordable housing market.
A recent survey published by China’s Hurun Research Institute found that the US remains the top destination of choice for high net worth individuals who are emigrating from China, trailed by Canada, the UK and Australia. Survey respondents, who have an average wealth of RMB 20 million ($3 million), named access to better education and a cleaner environment as the top motivators for packing their bags.
A separate report by Hurun earlier this year determined that almost half of Chinese “millionaires,” or people with a personal wealth of RMB 10 million ($1.4 million), were considering emigration.
By Courtesy of Mingtiandi