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]

  • PhillyHomeOwner

    The Chinese are buying in NE Philly and turning it into a dispersed tenement. They don’t typically live in the house; they rent them to anyone who – inlcuding drug dealers. Some of the houses are used as drug warehouses!
    There can be 2 lesees who in turn sublet to all their “relatives” and they split the rent. So you can have 10 splitting $1,000 rent. Can’t do that without an absentee landlord. The house next door to me is owned by “Mr. Lee; he be in China.”
    Is just great for the value of my house.