U.S. housing market is flooded with Chinese buyers whose purpose is to obtain a green card – wrote the Portfolio.hu.
In the last 12 months before March, 18% of home purchases by foreign people in the USA was made by Chinese citizens which means that they bought a total of 25-30 thousands real estates in a year. Moreover they prefer expensive houses since the average amount that they spend on a property is 425000 USD.
Their favourite destination is Los Angeles and generally there are three reasons of these purchases. Firstly, they think of these houses as safe and store of value investments, secondly, the number of Chinese university students is increasing whose parents can afford to buy them a house.
The last reason is to obtain a green card which is much easier thanks to the EB-5 program. According to the program, if someone invests in a value over 500 thousands USD which also creates 10 jobs, he can get a green card faster. This investment can be a flat in a housing complex. As a consequence, Chinese people received 80% of the allocated visas with the program in 2012.