The U.S. real estate market attracted $3.1 billion of capital from China last year -- an increase of more than 900% from just $264 million invested in 2012, according Jones Lang LaSalle.
New York attracted the most money from China last year as Chinese investors poured $2.9 billion to buy property in the global capital, representing a considerable increase over the 2012 investment level of $200 million.
"There was a dramatic increase in the amount of Chinese investment in U.S. real estate in 2013, with transaction volumes more than tripling the previous high year,” said Rob Hielscher, managing director, Jones Lang LaSalle’s International Capital Group.
Migration for investment in overseas real estate markets has become a top choice for Chinese applicants, according to a report on China's capital migration status released by a Chinese think tank last week.
The Annual Report on Chinese International Migration 2014 found that a growing number of Chinese investors are rushing to go abroad in order to buy properties in places like North America.
The report, put out by the Center for China and Globalization and the Social Sciences Academic Press, noted that in 2011, China became the second-largest overseas property buyer in the United States.
Copyright © 2014 CoStar Realty Information, Inc.
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