Dive Brief:
-
Wealthy Chinese homebuyers have taken a liking to America's suburbs, The New York Times reported.
-
Chinese purchasers account for nearly one-quarter of foreign investment in U.S. real estate, spending $22 billion here in 2013, according to the National Association of Realtors.
-
More than half of that investment was in New York, California and Washington, and 46% of it was in the suburbs, The Times reported.
Dive Insight:
Builders on New York’s Long Island are attracting Chinese investors by building homes that cater to their culture.
For example, The Times quoted a builder who avoids the number “4” in street addresses, sales prices and lot sizes because the Chinese word for it sounds similar to the Chinese word for “death” and is considered unlucky. Lucky “8” is in every transaction, though: The homes are 8,000 to 8,888 square feet, for example.