After years of closing deals on both coasts, Chinese investors have finally discovered Chicago’s big secret—similar market trends and demographics to New York with much lower prices, Chicago Magazine reports.
Chinese investors have helped push high-end downtown condo demand and pricing back up to pre-recession levels, and nationally they purchased $22B of US residential property between March of this year and last, according to the National Association of Realtors. (That’s 24% of international sales, many of which closed all cash.) Chinese buyers (39%) make the US property their primary residence, meaning these market newbies are diving in with a long-term strategy.
Chinese investors are also proving to be the biggest players in EB-5 investing and making a splash on the Chicago development scene (Wanda Group's new Jeanne Gang project, pictured).
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