Chinese U.S. Homebuying to Hit Eight-Year Low
NEW YORK – The Chinese real estate website Juwai.com reports that U.S. home sales to Chinese buyers likely will hit an eight-year low in the year ending in March 2020 as a prolonged trade war puts a damper on demand.
In China, Juwai is similar to Realtor.com and Trulia in the United States – the country’s largest international property website. It hosts about 2.8 million property listings on both sides of China’s internet censorship mechanism, the Great Firewall.
The site estimates that U.S. home sales to Chinese buyers will decline to between $10 billion and $12 billion in the year ending March 2020. That is down from the $13.4 billion reported by the National Association of Realtors® for the year ended in March and from more than $30 billion in both 2017 and 2018.
However, Chinese sales account for less than 1% of the $1.6 trillion worth of U.S. homes sold every year.
The “aggressive rhetoric, targeting of Chinese graduate students at U.S. universities, and new visa red tape have all hurt Chinese demand,” says Georg Chmiel, Juwai’s executive chairman
Source: Reuters (09/23/19) KL, Dominic Roshan; Ajmera, Ankit
© Copyright 2019 INFORMATION INC., Bethesda, MD (301) 215-4688