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For the last several years wealthy Chinese investors have been buying up pricey US real estate like crazy, but it looks like the river of Chinese money is beginning to run dry.
Total sales to Chinese buyers fell for the first time since 2011 in the 12 months through March, dropping from $28.6B to $27.3B, Bloomberg reports. Chinese buyers also bought nearly 15% fewer apartments, from 34,327 units to 29,195.
It’s no accident Chinese buyers are staying away from US markets. Beijing introduced capital control measures last August to stop the country’s massive outflow of wealth, and they were further tightened in November. [Bloomberg]
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