Home sales to Chinese buyers drop to an 8 year low

Real Estate

U.S. home sales to Chinese buyers are likely to drop to an eight-year low in the year ending next March as a prolonged Sino-U.S. trade war hits demand, according to estimates from Chinese real estate website Juwai.com.

Analogous to U.S. portals like Realtor.com and Trulia, Juwai is China’s largest international property website, hosting some 2.8 million listings on both sides of China’s internet censorship mechanism known as the Great Firewall.

Based on its enquiry and buyer data, as well as feedback from industry partners, the site estimated U.S. home sales to Chinese buyers would fall to between $10 billion and $12 billion in the year to March 2020.

While that represents just a fraction of 1% of the $1.6 trillion worth of U.S. homes sold annually, it is down from the $13.4 billion reported for the year ended in March by the National Association of Realtors (NAR) and from more than $30 billion in both 2017 and 2018.

Click here for more information: https://www.reuters.com/article/us-usa-homesales-china-graphic/chinese-u-s-homebuying-to-hit-eight-year-low-says-leading-property-site-idUSKBN1W815I