Speaking Mandarin attracts Chinese homebuyers in the US
Updated: 2015-10-15 15:13
Speaking Mandarin is an important skill for real estate agents in the US as Chinese buyers have intensified their interest in the American property market.
An analysis of housing sales in the US shows that 46 percent of Mandarin Chinese-speaking buyers who purchased homes in the 17 months ending in May 2015 paid cash, according to RealtyTrac.
Mandarin speakers are the second largest non-English speaking, cash-paying group, totaling nearly 18 percent of all cash deals, according to the analysis. They were second behind Spanish-speaking buyers, who were at 43 percent.
According to data by CoreLogic DataQuick, a real estate information services provider, the average price of homes in the US has been rising for 39 consecutive months as of July, and the prices in some locations have also seen increases of more than 10 percent year-on-year.
Chinese buyers spent $22 billion on US housing in the 12 months through March 2014 and most Chinese buyers want a high-end house with a total price of more than $500,000, the US-based National Association of Realtors (NAR) said.
Peggy Fucci, CEO of OneWorld Properties, holds brochures written in Chinese for the Paramount Miami Worldcenter in Fort Lauderdale, Florida, Sept 4, 2015. [Photo/IC]