Chinese buyers’ website not expecting further US regulation

by Steve Randall06 Jul 2018

The United States is not expected to take any measures to curb the impact of foreign ownership of homes this year.

That’s the assessment of leading Chinese property listings website Juwai.com which has just published its Foreign Buyer Restrictions Report 2018-19.

It says that the world will see fewer restrictions imposed in the top Chinese property destinations in the coming year compared to the previous three years.

America’s most popular destinations for Chinese property buyers are Seattle, Los Angeles, New York, Houston, and Orlando; but Carrie Law, CEO of Juwai.com says things should remain favorable despite trade disputes.

“The United States offers the freest market, the largest market, and the most diverse market of any major investment destination for Chinese property buyers,” she says. “That’s why it attracts the greatest amount of investment year after year. We foresee no new restrictions in the US this year, except perhaps for legislation that prevents the acquisition of real estate near critical military bases. The EB-5 visa program is also a perennial candidate for reform. While changes to the investment visa program with the deed affect Chinese nationals, it is not a residential property investment policy.”

Outside the US, the report expects regulations and taxes on foreign buyers to remain unchanged in Australia, Canada, Thailand, and the UK – all popular destinations for Chinese buyers – but New Zealand is expected to increase restrictions.

“New Zealand is the sole major investment destination in the world that we consider to be very likely to impose new foreign buyer restrictions this year. The Overseas Investment Amendment Bill with its recent amendments would have the advantage of finally putting to an end the political uncertainty that has been ongoing since before the last election,” adds Law.


More market update:

Poll

Should CFPB have more supervision over credit agencies?