Coronavirus likely to quash U.S. home sales to Chinese buyers

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Sharp Credit – Credit News – Credit Information

Coronavirus - Impact on Chinese buyers

The coronavirus epidemic that has China on near-lockdown likely will quash U.S. home sales to Chinese buyers, the No. 1 foreign purchasers of American property for the last seven years.

“Everything coming out of China is on hold, and that would include, for the most part, Chinese nationals buying U.S. real estate,” said Jonathan Miller, president of Miller Samuel.

Buyers from China accounted for $13.4 billion of residential real estate sales in the U.S. in 2019, with more than a third of those purchases occurring in California, according to the National Association of Realtors. Canada was No. 2, at $8 billion, and India was No. 3, at $6.9 billion. Both of those nationalities favored Florida over California.

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