How this is being allowed to happen is beyond anything imaginable.
Businesses and individuals working at the behest of the Chinese Communist Party flooded the American housing market last year, spending more than $6 billion on real estate in the U.S.
from April 2021 to March 2022, Chinese purchasers bought $6.1 billion in U.S. homes, up 30% from the year prior, according to a trade association report.
To compare, Canadians purchased $5.5 billion in U.S. real estate, Indians bought $3.6 billion, Mexicans spent $2.9 billion, and Brazilians $1.6 billion, making China the greatest foreign purchaser of American housing properties.
The average home purchased by Chinese buyers was worth just over $1 million — the most expensive average among foreign purchases and up from China’s $710,000 average the year before. The report said buyers from China bought heavily in expensive states, with 31% of their purchases in California and 10% in New York. The Chinese purchases also included 7% in Indiana, 7% Florida, 5% Oklahoma, 5% Missouri, 5% Arizona, and smaller percentages elsewhere.
Purchasers from China made up 6% of all foreign buyers, as compared to Canadians making up 11%, Mexicans 8%, Indians 5%, and Brazilians 3%.
The new report said that 58% of Chinese buyers made all-cash purchases — the highest aside from 69% of Canadian purchases and 65% of Colombian ones.
Buyers from China were among the top two most likely groups to buy housing for rental purposes, at 25% of their purchases, according to the report, while Chinese purchases also represented the highest percentage (at 8%) of foreign buyers buying homes for student use. Only India came close to the student use percentage at 5%.
China’s purchases were 57% urban homes, while 29% were in suburban areas.
In addition to housing purchases, Communist China is also buying up America’s farmland at an alarming rate. Top GOP lawmakers, including Sens. Ted Cruz and Marco Rubio, have urged Treasury Secretary Janet Yellen and Defense Secretary Lloyd Austin to “conduct a review of China’s recent purchase of farmland near U.S. Air Force bases, including roughly 370 acres near Grand Forks, North Dakota.”
The Biden officials have yet to respond and show no signs of interest in investigating China’s massive purchases.
Meanwhile, diplomatic relations with China aren’t particularly rosy at the moment. The Communist regime has ramped up production across the board and has abandoned the same green energy regulations currently stifling U.S. manufacturing and other key industries. China is poised to outperform the U.S. economy in 2022 and beyond.
Author: Asa McCue