Where do wealthy Chinese like to buy houses in the United States (Photo)

Where do wealthy Chinese prefer to buy houses in the United States (Picture) Editor's note: There are more and more wealthy people in China. According to Hurun Report…

Editor’s note: There are more and more wealthy people in China. According to Hurun Report, China currently has 960,000 multi-millionaires with assets of at least 10 million yuan (equivalent to 1.5 million US dollars).

Chinese people naturally love to buy a house. U.S. housing prices have fallen from their peak in 2006, and have fallen by one-third in most places. There is no purchase restriction policy in the United States. Some savvy wealthy people in China have begun to target the U.S. real estate market and go to the United States to buy houses. Not long ago, USA Today described that China’s great wall of cash is pouring into the struggling U.S. property market. Where do Chinese people like to buy houses in the United States? One is the city where Chinese people are concentrated. The most popular are New York, San Francisco and Los Angeles. In such big cities, you can not only experience the lavish lifestyle of capitalism, but also retain the food culture of your home country, and you will not become "deaf and mute" if you don't understand English: Chinese newspapers are densely packed with advertisements covering almost all kinds of services you can think of. The second is the hardest-hit real estate area in the United States. Such as Florida and Nevada. Located in Las Vegas, Nevada, you can buy a very beautiful villa for more than 100,000 US dollars. But the climate there is dry and the summers are very hot, so it’s not a good place to live. Rich Chinese buy houses there for the purpose of investing and waiting for appreciation. The third is the area where relatives in the United States live. Some wealthy Chinese already have relatives who have gone to the United States first, either to study or work. They are located in all parts of the United States. In addition to the places mentioned above, more people live in Washington State, Texas, Illinois, New Jersey, Maryland, Virginia, Massachusetts, etc. When rich Chinese buy a house where their relatives live, they can let their relatives share it or help take care of it. According to the National Real Estate Association, as of the end of March 2012, wealthy Chinese from China had spent a total of US$7.4 billion on buying houses in the United States in the past 12 months, helping the sluggish real estate market in the United States to "stimulate domestic demand." The median house price in the United States is less than $200,000. Popular areas, such as California, New York, and Massachusetts, cost around 500,000. The philosophy of wealthy Chinese is to "only buy the most expensive", so they usually make "big purchases" and buy more than a million dollars. Moreover, what makes Americans stunned is that many wealthy people pay in cash. There are Chinese real estate agents all over the United States. They receive no salary and live on commission. But the commission is usually about three percent of the home’s sales price. Selling a house in a month can earn far more than an engineer. There are no "sales ladies" in the United States. Most of them are middle-aged and elderly agents, many of whom have authentic American doctorates. Rich people from China are their "gods of wealth." America's information is transparent. Everyone’s property status is public. For example, if you want to know about the real estate named Bo Jieying, after a little research, you will find that there is a house in Massachusetts, the address is 25 Hundreds Cir Wellesley Hills, MA. Two story building. Four bedrooms, three full baths and one partial bathroom. Not counting the garage corridor, etc., the living area is 3,712 square feet (approximately 345 square meters). The floor area is 49,970 square feet (approximately 4,642 square meters). An old-fashioned single-family house built in 1930. Newly renovated in 1987. Surrounded by greenery. West side of Boston. It is a high-end residential area. The property was transferred on September 23, 2003 and sold for US$2.13 million. Property taxes are approximately $20,000 per year. However, it is said that it is currently uninhabited.