That’s my first thought - the Chinese aren’t buying. Something deeper is going on.
That’s my first thought - the Chinese aren’t buying. Something deeper is going on.
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The Chinese economy is in trouble.
Seems to be the case. Many invest in US real estate even if there is the possibility of the market going flat. The alternative is leaving the money in China and the risks associated with that. Maybe China is restricting the outflow of money to its citizens living elsewhere.
At some point after 2008’s economic stumble....maybe around 2010 to 2012...there were various reports of Chinese syndicates who were coming into Phoenix and buying up dozens of homes per month as rental properties. It was a way to hide your cash flow and get something for investment purposes.
It may be that the Chinese gov’t has put enough pressure on exiting money to hinder that property investment idea.