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Since supplanting Canada in 2014, Chinese investors have been the leadforeign buyers of U.S. real estate, concentrating their purchases in urbanareas with higher Chinese populations like California. The reasons forinvestment include prestige, freedom from capital confiscation, and safe,diversified opportunities from abroad simply being more lucrative and availablethan in their home country, where the market is eroding. Interestingly, since2019, Chinese investors have sold a net 23.6 billion dollars of U.S. commercialreal estate, a stark contrast to past acquisitions between 2013 to 2018 wherethey were net buyers of almost 52 billion dollars worth of properties. Asimilar trend appears in the residential real estate segment too. In both 2017and 2018, Chinese buyers purchased over 40,000 U.S. residential propertieswhich were halved in 2019 and steadily declined to only 6,700 in the past year.This turnaround in Chinese investment can be attributed to a deterioratingrelationship between the U.S. and China during the Trump Presidency, financialdistress in China, and new Chinese government regulations prohibiting outboundinvestments. Additionally, while Chinese investment is a small share of U.S.real estate (~1.5% at its peak), it has outsized impacts on market valuationsof home prices in U.S. zip codes with higher populations of foreign-bornChinese, increasing property prices and exacerbating the issue of housingaffordability in these areas. This paper investigates the rapid growth anddecline of Chinese investment in U.S. real estate and its effect on U.S. homeprices in certain demographics.

Historical Patterns and Recent Impacts of Chinese Investors in United States Real Estate