Despite any reports of a slowing economy, Chinese investors are making their mark on the U.S. real estate market, according to a new report just released by Asia Society and Rosen Consulting Group.
Between 2010 and 2015, Chinese investors acquired more than $93 billion worth of residential real estate and $17.1 billion worth of commercial properties in the U.S., with half of those commercial transactions taking place last year.
That's a dramatic increase of roughly 70 percent a year on the commercial side. Though China's current economic uncertainty may slow investment growth in the short-term, the report speculates that Chinese investment with continue to increase over the long haul, arguing that the pool of Chinese investors will expand and more individuals will venture into the U.S real estate market.
The analysis also found that the controversial EB-5 visa program—which extends immigration visas to foreign individuals who invest $500,000 or more in real estate development—generated at least $9.5 billion in Chinese investment and helped create 200,000 jobs over the past five years.
Residential purchases made since 2010 by Chinese buyers were concentrated largely in California and Washington State—areas with direct flights to China and established Chinese and Chinese-American populations.
The vast majority—70 percent—of commercial properties bought by Chinese investors were in New York, Los Angeles and San Francisco, with the rest spread across the country in states ranging from Massachusetts to Iowa to Arizona.
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