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Chinese investors snatch up U.S. houses

New York City

Chinese investors are snatching up houses across America, looking to spend money on real estate. But what cities are catching their eye? According to an article in CNNMoney, New York and Los Angeles top the list of cities they are most interested in, but more surprisingly, Detroit and Philadelphia also made the cut. CNNMoney explains:

Chinese buyers purchased $8.2 billion worth of U.S. property in 2012, according to Juwai. It ranked cities by how many searches they attracted from Chinese house hunters.

And the transactions are often quick and clean: 70% of the Chinese buyers pay cash, according to the National Association of Realtors.

"They look at these as a safe haven for their money," said Pam Liebman, CEO of the Corcoran Group.

Source: CNNMoney

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