Canyon Lake Ranch, a place 35 miles northwest of Dalas that used to be known for outdoor activities such as camping and water skiing has been transformed into a zoo of dangerous animals. However, the ranch will soon be transformed into a subdivision with 99 small mansions that are designed for Chinese buyers who are mostly from the Mainland, China.
Chinese people have been investing globally despite the current stock market crash in China. According to the New York Times, these individuals are eager to invest anywhere except their home country. In fact, Chinese investors have been purchasing real estates in London, Vancouver and Australia.
The same scenario applies to United States. Chinese investors are, according to Time, spending their billions into projects in the US such as those the real estate industry. They are said to be buying luxury condos in Manhattan and mansions in Silicon Valley.
The influx of Chinese home buyers in the US greatly affects the affordability and availability of housing in dense areas such as San Francisco and Manhattan. Although they still remain a small fraction of overall market for expensive properties, it cannot be argued that it does play a role in the trends of the market.
Real estate companies and brokers have been developing products and services catered to Chinese customers, too. In fact, a Chinese real estate site, Leju, already has listed American homes by US real estate search website, Zillow, in their database.
Redfin employee, Roddy de la Garza, on the other hand, has educated himself about feng shui, to the extent that he keeps his compass with him at all times to ensure the north-south alignment of homes.
Time stated that the U.S. still is not gaining from Chinese investments, yet, like other countries do. Although Chinese investors made about 30,000 investments overseas last year, the U.S. is still catching up to Europe in terms of these investments.
What do you think of the sudden influx of Chinese investors into the U.S? Would it be good for the economy?
