There’s trouble brewing in China.
The nation’s stock market is floundering and the currency has been devalued, bringing about halts in trading and concerns among investors regarding the effect that this major world economy will have on the global economy.
However, amid this bad news, there is a silver lining for the domestic real estate world. Wealthy Chinese investors have viewed American real estate as a safe investment for a long time, and even more Chinese money is flooding into the States in the form of home and commercial real estate purchases. The National Association of Realtors tells us that, for the first time, buyers from China, Hong Kong, and Taiwan are representing the largest group of foreign purchasers of homes in the United States.
This activity has been particularly strong in the Seattle area. For the year that ended in March of 2015, fully eight percent of residences purchased by Chinese buyers were in Washington State, making the area second only to California, which made up thirty-five percent. Further, Chinese investors played a key role in about $2 billion in commercial projects throughout the Puget Sound area.