Backed by the booming Chinese economy, Chinese are continuing their foray overseas in search of properties to invest in, and New York and L.A. top the list of cities of interest in the US according to Juwai.com data, CNN Money reports (4 December 2013). Following the top 2 are Philadelphia, Detroit, Houston, Chicago, Las Vegas, Atlanta, San Diego, and Memphis. How buyers choose cities are based on various reasons: Large Chinese communities are found in cities like New York, Los Angeles, Chicago and San Diego, while other cities offer reputable education prospects for their children. Ultra-rich Chinese pick economically strong cities, as they seek US properties to diversify their investment portfolio. Meanwhile, Detroit and Memphis offer investment opportunities to generate predictable and steady cash flow – many purchase foreclosures and inexpensive homes with tax sales, then they fix up the property to rent out.
