WSJ: Chinese Exiting U.S. Real Estate as Beijing Directs Money Back to Shore Up Economy
by kleinbl00
- China began investing heavily in the U.S. real-estate market a few years ago after Beijing loosened restrictions on foreign investment. Some Chinese investors were attracted to the stable returns in the U.S. property market and saw it as a way to diversify their holdings.
Yet some Chinese buyers seemed more interested in scooping up trophy properties that their new owners felt brought prestige, political clout and helped promote their brands for global expansion, analysts said. And while Chinese buyers never represented more than a fraction of the activity in any major U.S. city, the big checks they wrote helped push values higher in certain segments of the market.
“Without that big push from Chinese investors, the market doesn’t have that rocket-propelling fuel to it,” said Mr. Margon.
