“China’s currency caps hurt Chinese home buyers in the U.S.” – Pacific Union’s Chief Economist Selma Hepp in the San Francisco Chronicle.
Selma Hepp: China’s Currency Caps Hurt Chinese…
The Chinese middle class, both in China and in the United States, stands to lose the most by China’s newly imposed currency restrictions. The group most affected may be the many Chinese buyers who already live and work in the United States and rely on money from China to purchase a home. Of foreign buyers, Chinese investors made up the largest group – 53 percent – and the largest investment – $31. 7 billion – in U.S. residential real estate in 2017, continuing a trend for a fourth straight year. While 12 percent of the international buying activity occurred in California, the number of Chinese real estate buyers here has been declining since 2014 and stood at only 3 percent of all foreign buyers in 2016.
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