Philly Is One of Top 10 Cities for Chinese Homebuyers

When people in China consider buying real estate in the U.S. — an increasing trend — the cities they look at most often include Philadelphia, which CNN Money seems to think verges on preposterous:

New York and Los Angeles top the list of U.S. cities they are most interested in…More surprisingly, Philadelphia and Detroit come in at No. 3 and No. 4.

But how surprising is it? The same article says Chinese buyers “seek homes near colleges their children can attend,” which certainly makes sense as a rationale for Philadelphia.

One nice perk? The overwhelming majority of Chinese buyers pay cash.

Top 10 U.S. cities for Chinese homebuyers [CNN Money]