Wealthy Chinese with a few million yuan to burn will spend billions on U.S. real estate in the years ahead, according to a report released Wednesday by CB Richard Ellis, a large global real estate firm.
The United States is the country of choice for China buyers. Â Canada and Australia come in next at No. 2 and No. 3 respectively. That rich Chinese individuals and savvy corporations are buying up real estate in world class cities is no surprise at this point.
News of new Chinese real estate deals are popping up every quarter. Â Similar moves happened with the Japanese back in the 1980s. Now itâ€™s Chinaâ€™s turn. And by most estimates, they are snatching up high end real estate in Los Angeles, San Francisco and New York, in particular. In California,Â China is the third largest foreign buyerÂ of real estate, following Mexico and people from the Philippines, according to Realtor.org.