China has emerged as one of the fastest-growing sources of international buyers for US real estate -- in what some see as a sign that China 's rich are increasingly seeking to take their money out of the country . According to a report published by the National Association of Realtors this week , buyers from China and Hong Kong made up the second-largest group of foreign buyers of homes in the US in the 12 months to March -- Canadians took first place -- accounting for $ 9bn of sales . That is a 23 per cent increase on the $ 7.3bn of sales they notched up in the previous 12 months and an 88 per cent increase from $ 4.8bn of sales in 2010 . `` International Chinese buyers are seen as a very desirable market by real estate agents at the moment , '' said Jed Smith , managing director at the NAR . `` The strongest growth is coming from China and the rise of Chinese buyers has made up for declines in sales from buyers from the UK and Mexico . '' Sales to international Chinese buyers still represent only a tiny fraction of the overall US market , which recorded $ 928.2bn in sales in the year to March . But at the top end of the market , it 's a different story . The 23 per cent jump in sales value , despite flat sales volume , suggests that Chinese buyers have been active at the top end . Pamela Liebman , chief executive of The Corcoran Group , a residential real estate brokerage company , says there has been a `` huge '' influx of wealthy mainland Chinese shopping for high-end properties in New York since the start of the year . `` It 's extraordinary , '' she says . `` Five years ago , we never talked about Chinese buyers . We started noticing them 18 months ago but they have only become much more prevalent in the past year . '' Ms Liebman says she saw `` hundreds of millions '' of dollars in sales last year to Chinese buyers and the pace has intensified since the start of 2012 . `` The past quarter has been our best quarter ever in terms of sales to Chinese buyers . '' Properties that have been snapped up by China 's rich range from $ 1m apartments to $ 20m trophy properties . `` Buying groups '' -- group tours of mainland buyers coming to New York to view properties -- have become commonplace , says Ms Liebman . `` It 's a market that we are now targeting heavily , '' she says . `` We have been recruiting Mandarin-speaking agents and have launched affiliations with brokers in China . '' Reasons for purchases vary , say those who have dealt with overseas Chinese buyers . Some are buying because they want to emigrate or they have children who will go to school in the US . Others buy because the numbers add up : despite its recent dip , the renminbi is still up more than 4 per cent against the US dollar since the start of 2010 while US house prices are still in recovery mode and appear cheap compared with Australia or Canada . `` When you look at how cheap US real estate is now compared with China , it makes a lot of sense to buy there , especially since you have more rights when you own a property in America , '' said a wealthy Chinese investor who has bought several properties in the US but asked not to be named so as not to draw attention to the fact of shifting assets abroad . Still others are simply looking for somewhere safe to park their cash . In a year that has seen China affected by political infighting at the top and mounting evidence that the economy faces a bigger-than-expected slowdown , there has been a sharp rise in Chinese millionaires seeking to settle in the US or at least to secure residency rights . EB-5 , a little-known programme that gives a green card to any foreigner who invests at least $ 500,000 in a business forming 10 or more jobs in the US , received a record 1,675 Chinese applications during the first quarter . That compares with 2,408 applications in the whole of last year , 772 in 2010 and 63 in 2006 . `` There is no doubt that the political situation back home is having an impact on how China 's rich are thinking of preserving their wealth , '' says Ms Liebman . In China , all land is owned by the state and investors can only buy leasing rights of usually up to 70 years , rather than to secure outright ownership .
China has emerged as one of the fastest-growing sources of international buyers for US real estate . China and Hong Kong made up the second-largest group of foreign buyers of homes in the U.S .