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References
NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles (E) are available only to NAR members and require the member's nar.realtor login.
Information From the National Association of REALTORS®
Read more about Chinese home buyers in the 2023 Profile of International Transactions in U.S. Residential Real Estate.
CIPS - Asia/Pacific and International Real Estate Real Estate Course (Center for REALTOR® Development)
Designed for real estate professionals at all experience levels, The Asia/Pacific and International Real Estate course introduces real estate professionals to the basic skills and knowledge necessary to facilitate transactions with clients in the Asia/Pacific region.
Chinese Real Estate Buyers in the United States
China’s Ability to Buy US Land Near Military Bases Just Got More Restricted (Atlantic Council, Jul. 24, 2024)
In early June, the US Treasury Department announced a proposed update to Committee on Foreign Investment in the United States (CFIUS) rules that would expand the committee’s jurisdiction over foreign real estate purchases. These new rules were announced after several recent high-profile and controversial planned property purchases by initially undisclosed or Chinese buyers, a growing number of state-level restrictions on foreign real estate investments, and increased congressional scrutiny on greenfield investment. These new proposed rules come on the heels of increasing concerns over Chinese investment in US real estate near sensitive locations, such as near military bases. Moreover, the proposed update could presage an expanded interpretation of CFIUS jurisdiction to include certain greenfield investments.
State Lawmakers are Concerned about Chinese Ownership of US Land, but Other Countries Own Much More American Acreage (Global Affairs, Apr. 4, 2024)
Of all foreign-owned U.S. land, Canadian investors owned the most at 12.8 million acres. This makes up 31% of all foreign-owned U.S. land.
Four other countries held 12.4 million acres combined, or another 31% of foreign-owned land: the Netherlands (12%), Italy (7%), the United Kingdom (6%), and Germany (6%). China holds less than 1%.
Research Indicates Foreign Investment in U.S. Real Estate Has Underappreciated Impacts (Federal Reserve Bank of Boston, Nov. 14, 2023)
Starting in 2008, a significant but largely unnoticed trend took hold in the California real estate market – massive and increasing investment by Chinese buyers.
In the coming years, Chinese buyers were responsible for an ever-larger number of real estate transactions as the total transaction value and count of their housing purchases soared. By 2013, Chinese buyers accounted for 3.5% of total housing transaction value in California, a 30-fold increase from 2008.
The impact on the local economy was substantial. Employment and property values both went up, but lower-income residents were also displaced from their homes.
DOJ Says Florida Law Signed by Ron DeSantis Limiting Chinese Land Ownership is Unconstitutional (NBC News, Jun. 29, 2023)
"These unlawful provisions will cause serious harm to people simply because of their national origin, contravene federal civil rights laws, undermine constitutional rights, and will not advance the State’s purported goal of increasing public safety," the Justice Department wrote in support of a lawsuit seeking to block the law.
Real Estate in China
Complexities Dog Beijing’s Latest ‘Remedy’ For China’s Property Crisis (Forbes, China, Jul. 8, 2024).
The affordable housing issue is clearly most intense in first and second tier cities, but the bulk of vacant units lie in smaller cities. The purchased units, however refurbished, may as a consequence continue to lie vacant while in larger cities, much housing will remain unaffordable to working Chinese. Not even the Chinese Communist Party can move apartments from one city to another.
KKR Says China’s Real Estate Correction May Only Be Halfway Done (CNBC, China, Apr. 4, 2024)
“A fundamentally overbuilt real estate industry needs to be addressed — and quickly,” he said in the report, which counts Changchun Hua, KKR’s chief economist for Greater China, among the co-authors.
China Mulls Mortgage Easing to Spur Home Purchases in Big Cities (Bloomberg.com, Jul. 19, 2023) E
“Regulators are weighing scrapping rules that disqualify people who've ever had a mortgage - even if fully repaid - from being considered a first-time homebuyer in major cities, said the people, asking not to be identified discussing a private matter. Currently homebuyers with a mortgage record who don't own a property are still subject to the higher down-payment and more restrictive borrowing limits applied to those buying a second home.”
China June New Home Prices Flat in Weakest Showing This Year (CNBC, Jul. 15, 2023)
China’s new home prices were unchanged in June, the weakest result this year, data showed on Saturday, increasing pressure on policymakers for more stimulus as economic recovery falters.
The PBoC Props Up China’s Housing Market (Council on Foreign Relations, Mar. 21, 2023)
This past January, the PBoC effectively abandoned its established policy of managing housing demand by setting a nationwide minimum interest rate floor on mortgages in favor of a city-by-city tailored approach that allows municipal governments to set rate floors in local markets.
Can China Fix Its Housing Crisis? (Brink News, Feb. 22, 2023)
Since early 2022, over 300 cities have issued support measures for the housing market, including relaxation of various purchasing restrictions. Beihai decreased the minimum down payment from 60% to 40% on households’ purchase of a second property.
Websites & Other Resources
China Institute of Real Estate Appraisers and Agents (CIREA)
Email: int@cirea.org.cn
Phone: 86-10-88083089
Fax: 86-10-88083085
www.cirea.org.cn
11th Floor, Building 7 Interwest Business Center
9 Shou Ti Nan Road, Haidian District
Beijing, 100048 China
China Real Estate Chamber of Commerce (CRECCHKI)
+852 2153 9683
+852 2153 9273
events@crecchki.org
Room 1708, 17/F, 700 Nathan Road, Mong Kok, Kowloon
https://www.crecchki.org
Global Ambassador for the China Institute of Real Estate Appraisers and Agents (CIREA), the China Real Estate Association (CREA), and the China Real Estate Chamber of Commerce (CRECC)
Helen Marston
Email: helen@helensrealestate.com
Phone: 1-541-876-7490
233 SW Wilson #102
Bend, OR, USA
The Real Estate Developers Association of Hong Kong (REDA)
1403 World-Wide House
19 Des Voeux Road Central
Hong Kong
Tel: (852) 2826 0111
Fax: (852) 2845 2521
Email: info@reda.hk
Ambassador Association for China: San Francisco Association of REALTORS®
PRIMARY CONTACT: Walter Baczkowski
Email: walt@sfrealtors.com
Phone: 1 415 431 8500
Fax: 1 415 553 3968
http://www.sfrealtors.com
301 Grove Street
San Francisco CA 94102-4497 USA
Chinese Real Estate Websites
Juwai — Chinese-language real estate listings website
Lianjia — Chinese-language real estate listings website
Sofang — Chinese-language real estate listings website
eBooks & Other Resources
eBooks.realtor.org
Chinese Business Etiquette and Culture (eBook)
Doing Business in China (eBook, Audiobook)
Dr. Blair's Chinese In No Time (Audiobook)
Emerging Market Real Estate: Investing in China, India, and Brazil (eBook)
The Shenzhen Experiment (eBook)
Understanding China's Real Estate Markets (eBook)
Books, Videos, Research Reports & More
As a member benefit, the following resources and more are available for loan through the NAR Library. Items will be mailed directly to you or made available for pickup at the REALTOR® Building in Chicago.
Emerging Market Real Estate Investment: Investing in China, India, and Brazil (Hoboken, NJ: Wiley, 2010) HD926 .L96 2010
Modern Chinese Real Estate Law : Property Development In An Evolving Legal System (Burlington, VT: Ashgate Publishing, 2011) KNQ683.S74 2011
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