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Home sales to Chinese investors have fallen, breaking a trend that has held since 2011. Researchers attributed this slowdown to capital controls imposed on investors by China's government.
Chinese buyers pay in cash since they do not have a sufficient paper trail in the United States to qualify for loans, National Association of Realtors chief economist Lawrence Yun told Bloomberg.
As Chinese regulators have imposed capital controls to deal with a worsening economy, it is much harder for buyers to send cash out of the country for foreign purchases.
Despite the slowdown, Chinese buyers remain the dominant foreign investors in US real estate. [Bloomberg]
