Business / Industries

Chinese now 2nd biggest int’l buyer of US property

( Updated: 2012-06-13 16:28

Chinese buyers have become the second largest group of foreign buyers in the US real estate market after the Canadians, Financial Times reported, citing a research report by the US National Association of Realtors.

The recently released research report said that many wealthy foreigners prefer to purchase houses in the US due to "low prices and the relative weakness of the dollar."

The survey shows that from March 2011 to March 2012, foreigners have invested a total of $82.5 billion in purchasing US real estate with a 24 percent year-on-year increase.

Fifty-five percent of the international buyers come from five countries: Canada, China, Mexico, India and the United Kindom. China accounted for 11 percent of all international sales, up from nine percent in 2011.

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