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CNN on why Chinese buy US real estate
Chinese are second only to Canadians in the number of US properties they buy, reports CNN Money.
"We have friends and folks who live there, so its keeping up with the Joneses," says Andrew Chin, a Chinese buyer based in Hong Kong who speaks flawless American accented English. He has his eye on a few homes across the US.
CNN says that real estate prices in China are sky high, so Chinese are cutting checks for property in the US without even seeing them.
"We expect the US economy will continue to grow," said Anthony Mann of Noble Apex Homes. Mann has sold some of his company's Florida homes to Chinese buyers.
"One way or another, the property price will still go up."
Richard Green, from the USC Lusk Center for Real Estate, in an expert is what brings Chinese buyers to the US. "There's a kind of security to owning property in the US," he says, "that still doesn't exist in China."
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